The nonprofit provider of mortgages, Dallas Neighborhood Homes, recently announced that they would be working with Nexbank. NexBank Will be providing $50 million in financing for loans to the organization that is partnered with Habitat For Humanity. These loans will be available to potential homeowners through the Affordable Housing Loan Program that serves families in the southern region of Dallas. Families with low incomes often find difficulties gaining access to mortgages to purchase their own homes and these programs work to give them this opportunity.
Before offering these mortgages, Dallas Neighborhood Homes gives these potential homeowners education to prepare them for the responsibilities of homeownership to make sure that they are ready for everything that it entails. NexBank will also be paying for these homes’ closing costs up to $2,000 as well as their title fees. The Habitat for Humanity Senior Vice President of the Dallas region, Mark Tribuna, is grateful for everything that NexBank is doing to help their program. The loans that they are offering will help many families achieve their goals of home ownership through the program.
NexBank is one of the top banks regionally in Dallas. Along with their efforts to help with home ownership, they are also helping people achieve their goals of obtaining a higher education. It was announced that it had purchased the College Savings Bank which specializes in providing savings programs to pay for college education. College Savings Bank is based out of Princeton, New Jersey and offers 529 of these types of programs. While NexBank has acquired the company, it will still operate independently in many ways including branding and operations. They will be operating as an independent division of NexBank. It is hoped that this acquisition will help NexBank serve the needs of their customers who are saving for college educations.
Since College Savings Bank was founded in 1987, they have always been focused on helping their clients save for college. This acquisition is predicted to be beneficial for both NexBank and College Savings Bank and will provide an opportunity for growth. By using the programs offered by the company, parents are better able to save for their children’s college education needs.