In order to help people who have low to medium income buy a house, NexBank partnered with Dallas Neighborhood Homes. Dallas Neighborhood homes is a nonprofit mortgage company that works with the Dallas Area Habitat for Humanity. In order to help low to middle-income people, this company is offering an Affordable Housing Loan Program. This program is offered to people in southern Dallas.
Dallas Neighborhood Homes would like to provide one hundred or more loans per year for the next five years. These loans will be only offered to residents in certain zip codes within southern Dallas. NexBank is providing $50 million towards these loans. NexBank is not only offering $50 million, they are also paying all the title fees and $2,000 in closing costs for each loan. Dallas Neighborhood Homes will use the money to help homebuyers who have limited access to mortgages for whatever reasons. They will also offer these homebuyers financial counseling services which are provided by the Dallas Area Habitat for Humanity.
College Savings Bank
On December 1, 2015, NexBank SSB announced that it had acquired College Savings Bank located in Princeton, New Jersey. This bank specializes in helping parents who are trying to prepare their children for a higher education by offering 529 different programs to choose from in order to save money for college.
In this transaction, it has been decided that College Savings Bank will continue to use its own name but continue their operations as part of NexBank. With NexBank acquiring College Savings Bank, they are able to better provide for a broader span of clients who need help saving for college.
NexBank is doing what it can to help people basically live the American Dream. By helping people buy a home and save for college so they can get a better job. These are two huge steps that many people are not able to do or afford. NexBank is making these possible.