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Monday, April 15, 2024
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McAllen
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Lone Star National Bank’s Groundbreaking Program Aids First-Time Buyers

Unlocking Homeownership

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Matthew J. Dang, the Senior Vice President of the Mortgage Division at LSNB and Cash. Photo by Roberto Hugo González
Matthew J. Dang, the Senior Vice President of the Mortgage Division at LSNB and Cash. Photo by Roberto Hugo González
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By Roberto Hugo González

In an era where the dream of homeownership seems increasingly out of reach for many Americans, Lone Star National Bank (LSNB) is pioneering a path forward with its Home Buyer Equity Leverage Program (HELP). Matthew J. Dang, the Senior Vice President of the Mortgage Division at LSNB, shared insights with Texas Border Business into this remarkable initiative designed to make the homeownership journey accessible and affordable for first-time buyers and others facing financial hurdles.

The HELP program, a collaborative effort between LSNB and the Federal Home Loan Bank of Dallas, offers a lifeline to those dreaming of owning a home. With a generous $20,000 down payment assistance that doesn’t need to be repaid, the program is breaking down the financial barriers that often deter potential homeowners. The only requirement for applicants is a minimal $500 down payment, making it an unparalleled opportunity for many.

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Originally existing in various capacities, the HELP program has been revitalized and expanded through the partnership between LSNB and the Federal Home Loan Bank. Designed to cater specifically to the community’s needs, the initiative sets a precedent for what financial institutions can achieve when they prioritize the welfare of their constituents.

Eligibility for the HELP program is broad, encompassing first-time home buyers, single parents, and individuals affected by disasters. Applicants must not have owned a home in the last three years and must meet specific income criteria pegged at 80% of the area’s median income. This inclusive approach ensures the program reaches diverse beneficiaries, from first-time buyers to those seeking a fresh start after unforeseen challenges.

With $1.55 million allocated to LSNB out of the $15.5 million for the program in 2024, the bank aims to assist 75 families in its community. This commitment reflects a significant financial investment in homeownership.

A Call to Action

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Dang emphasizes the urgency of interested families contacting LSNB, highlighting the limited nature of the funds. Once depleted, the opportunity for 2024 will be gone, making it crucial for potential applicants to act quickly. With a vision to support every eligible family, LSNB is making a concerted effort to ensure that the benefits of the HELP program are maximized.

The future of the HELP program looks promising, with the Federal Home Loan Bank evaluating its funding annually based on community needs. The substantial increase in financing for 2024 signals a strong commitment to supporting homeownership endeavors, raising hopes for even greater assistance in the years to come.

Lone Star National Bank’s HELP program is an innovative financial solution to addressing the homeownership crisis. By offering substantial down payment assistance with minimal upfront costs, LSNB is not just offering financial support but a chance at a new beginning. The message is clear for those dreaming of their own home: help is not just on the way; it’s here.

For more information or to apply for the program, potential applicants are encouraged to contact Lone Star National Bank directly at (956) 661-0899, where a team of seasoned mortgage professionals is ready to assist. 

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