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Through Federal Home Loan Bank of Dallas (FHLB Dallas) member institutions, HELP assists income-qualified, first-time homebuyers with up to $20,000 in down payment assistance and/or closing costs.
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Openland Credit Union is a participating member of the Federal Home Loan Bank of Dallas (FHLB Dallas). The HELP grant is provided to eligible participating members of FHLB.
Homebuyer Eligibility Requirements: 1) Only first-time homebuyers are eligible, as defined by FHLB Dallas. 2) HELP funds may not exceed $20,000/homebuyer. 3) Households must have a family income of 80% or less of the median income for the area at the time the household is accepted for enrollment by Openland Credit Union in FHLB Dallas’s Homeownership Set-Aside Program. FHLB considers the time of enrollment of a household by Openland Credit Union in HELP to be the date on which Openland Credit Union determines the household is income-qualified to participate in HELP. 4) Homebuyers are required to complete a homebuyer counseling program provided by, or based on one provided by, an organization experienced in homebuyer counseling, and a copy of a certificate or similar document evidencing the homebuyer’s completion of the homebuyer counseling program must be provided to FHLB Dallas’s. Up to $500.00 of homebuyer counseling costs may be paid with HELP funds only if (i) the costs are not paid by any other source (including Openland Credit Union) and (ii) the homebuyer receiving the cost assistance purchases a HELP assisted unit. 5) Homebuyers must contribute at least $500 of their own funds toward the required down payment or toward closing costs, which fact must be documented on the applicable Closing Disclosure. 6) Homebuyers may not receive any cash back at closing. 7) The homebuyer must sign a five-year retention agreement that meets the requirements of Section 1291.15(a)(7) of the AHP Regulations and the retention requirements of FHLB Dallas’s.
Submission for the HELP grant will be submitted by Openland Credit Union on behalf of the applicant to FHLB Dallas. A submission for the grant is not a guarantee of approval. Grant is subject to the approval of FHLB Dallas. Submission for the grant does not constitute a mortgage application.
A mortgage application must be taken, approved and under contract with an estimated closing date documented on the five-year retention agreement submitted with the grant submission. All loans are subject to credit union membership eligibility, credit approval, underwriting conditions and verification of information provided in the application. Membership requires a savings account with a minimum balance of $1.00. Openland Credit Union is federally insured by NCUA and an Equal Housing Lender.
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Hands down one of the best places I’ve ever banked with, can’t recommend them enough! They happily go above and beyond for their members consistently.Steven – Member
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