The journey to homeownership can be challenging, especially for first-time buyers striving to gather sufficient funds for down payments and closing costs. Recognizing this hurdle, the Federal Home Loan Bank of Dallas (FHLB Dallas) offers the Homebuyer Equity Leverage Partnership (HELP) program, designed to assist income-qualified individuals and families in achieving their dream of owning a home. The HELP program provides grants to eligible first-time homebuyers to aid with down payments and closing costs. For 2025, FHLB Dallas has allocated $17 million to the program, with funds available until exhausted or until December 31, 2025, whichever comes first. The allocation is divided into three offerings, ensuring a structured distribution throughout the year.
Key Benefits of the HELP Program
Financial Assistance: Eligible homebuyers can receive up to $20,000 in assistance, depending on the property's location.
Community Impact: By facilitating homeownership, the program strengthens community ties and promotes economic empowerment.
Eligibility Criteria
To qualify for the HELP program, applicants must:
Be first-time homebuyers.
Have a household income that does not exceed 80% of the area median income (AMI).
Contribute at least $500 toward the purchase.
Complete a homebuyer counseling course.
Work with a participating FHLB Dallas member institution, as funds are provided through these members and not directly to consumers.
HELP Program in New Orleans
In New Orleans, several financial institutions collaborate with FHLB Dallas to offer the HELP program. For instance, NOLA Lending Group provides access to the HELP grant, assisting eligible first-time homebuyers with up to $20,000 for down payment and closing costs. They also offer guidance through the application process and ensure that applicants meet all requirements.
Success Stories
The impact of the HELP program is evident in the success stories of new homeowners. For example, a single mother in Louisiana was able to purchase her first home with the assistance of a $15,000 HELP subsidy, highlighting the program's effectiveness in making homeownership attainable for individuals and families who might otherwise face financial barriers.
How to Apply
Prospective homebuyers in New Orleans interested in the HELP program should follow these steps:
Contact a Participating Lender: Reach out to financial institutions in New Orleans that are members of FHLB Dallas and participate in the HELP program, such as NOLA Lending Group.
Assess Eligibility: Work with the lender to determine if you meet the program's income and first-time homebuyer requirements.
Complete Homebuyer Counseling: Enroll in and complete a homebuyer counseling course, which is mandatory for program eligibility.
Submit Application: With the assistance of your lender, submit the necessary documentation to apply for the HELP grant.
By leveraging the resources available through the HELP program, first-time homebuyers in New Orleans can overcome financial obstacles and embark on the rewarding journey of homeownership.
Disclaimer:
The information provided in this blog is for general informational purposes only and should not be considered financial, legal, or professional advice. The details regarding the Federal Home Loan Bank's Homebuyer Equity Leverage Partnership (HELP) Program, including eligibility requirements, funding availability, and participating lenders, are subject to change. Prospective applicants should verify the latest program details with FHLB Dallas or an authorized lender before making any financial decisions. This blog does not guarantee funding or approval for any applicant. The author and publisher are not responsible for any errors, omissions, or changes in program guidelines. Always consult with a qualified financial professional or lender for personalized guidance.