CLINTON, Miss., Aug. 2, 2013 (GLOBE NEWSWIRE) -- Mike Kelly wasn't really looking to buy a house.
But a new coaching job beckoned, and Mr. Kelly left his position as a defensive graduate assistant with the University of Georgia football team to become an assistant coach for the defensive line at Mississippi College in Clinton, Mississippi.
Mr. Kelly, 25, said his mentors in the coaching field advised him against buying a home.
"I kind of fell into it," he said. "I've always wanted a place of my own, but to be completely honest, I've worked for a lot of coaches who said, 'Don't buy with all the moving we do.' "
But Mr. Kelly said he'd also heard of some in the coaching field who were successful at renting out their homes in the event they had to relocate for a new coaching job.
The kicker for Mr. Kelly, though, was that one-bedroom apartments in Clinton, a suburb of Jackson, were renting for $1,000 a month.
"I thought I could purchase a place and do what I want with it, and pay less than that," he said.
Mr. Kelly said he learned about the Homebuyer Equity Leverage Partnership (HELP) grant when he was meeting with his mortgage lender at BankPlus to see what mortgage amount he could afford. Mr. Kelly qualified for a $5,000 HELP grant to help with down payment and closing costs.
The Federal Home Loan Bank of Dallas (FHLB Dallas) offers HELP grants through participating members, such as BankPlus, to assist income-qualified, first-time homebuyers with their down payments and closing costs.
Mr. Kelly bought a three-bedroom, two-bath home in foreclosure that he was able to purchase at a great price. He moved into the home in mid-June and spent the week before painting the home's interior and cleaning as it has sat vacant for about four years.
"It's a nice neighborhood," Mr. Kelly said. "We are in the suburbs of Jackson. It's a gated, one-way in and one-way out community, with a neighborhood pool, tennis courts, and basketball hoops."
Mr. Kelly, who is single, also likes that his family -- from Ocala, Florida -- will be able to come visit and he'll have a plenty of room for them to stay.
Mark Ouellette, first vice president and director of affordable housing at BankPlus, said the HELP grant program makes homeownership possible for residents who find owning a home just outside their financial grasp.
"BankPlus is a big advocate of the HELP program and we've had a great working relationship with FHLB Dallas for more than 10 years," said Mr. Ouellette. "I rely on FHLB Dallas to consistently provide programs to help make homeownership affordable. Homeownership offers a variety of benefits for residents and communities. Mr. Kelly not only has a place to call home, he was also able to take a foreclosed, vacant home off the market, which benefits the neighborhood."
Since 1990, more than $13.3 million in HELP grants have been awarded to assist more than 2,500 households. For 2013, FHLB Dallas made $1 million in HELP funds available through its members on a first-come, first-served basis. Get more information by visiting fhlb.com
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $32.7 billion as of June 30, 2013, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com.
About BankPlus
BankPlus, with total assets of more than $2 billion, has over 60 bank offices in 33 Mississippi communities. BankPlus offices are located in Belzoni, Bentonia, Brandon, Byram, Canton, Clinton, D'Iberville, Durant, Flora, Flowood, Gluckstadt, Hernando, Holly Bluff, Horn Lake, Isola, Jackson, Lexington, Madison, Meridian, Newton, Olive Branch, Pearl, Picayune, Pickens, Poplarville, Quitman, Ridgeland, Shubuta, Southaven, Stonewall, Tchula, Waynesboro and Yazoo City. For additional information on BankPlus, please visit http://www.bankplus.net/ "> www.BankPlus.net .
Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445
