Grant Provided Down Payment Assistance

The saying “Things happen when they are supposed to” was often repeated by Ivon Moncada during her arduous multiyear journey to homeownership. That journey culminated recently with a Federal Home Loan Bank of Dallas (FHLB Dallas) down payment assistance grant, awarded through FHLB Dallas member financial institution Homewise.

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Ivon Moncada, seen here with two of her children, received a $25,000 grant through FHLB Dallas member Homewise to help her buy a home in Santa Fe, New Mexico.

Ms. Moncada was awarded a $25,000 Homebuyer Equity Leverage Partnership (HELP) down payment assistance grant to buy her first home in Santa Fe, New Mexico.

HELP assists income-qualified, first-time homebuyers with down payment assistance and closing costs. Up to $25,000 per homebuyer is available in Texas and New Mexico and up to $20,000 per homebuyer is available in Arkansas, Louisiana and Mississippi. FHLB Dallas allocated $17 million for HELP this year, up from $15.5 million in 2024. The final round of funding for 2025—$4.25 million—opens on August 1.

Ms. Moncada moved to Santa Fe in 2009 and took financial literacy courses from Homewise. She worked on improving her credit score and began saving for a down payment from income earned through her job of caring for disabled residents in a group home. After a divorce and the inability to find a home she could afford, the mother of four with three at home considered giving up her dream.

“I got to the point that I was thinking about quitting because I thought it was never going to happen,” she said. Then last year, she learned about a neighborhood of entry-level homes to be built in Santa Fe. She qualified to buy one and recently moved in.

“Santa Fe is a challenging market for residents who have modest incomes like Ms. Moncada,” said Chris Quintana, chief lending officer with Homewise. “Entry level homes here sell for more than $400,000. The HELP grant, our mortgage and a second mortgage —provided through Santa Fe County Affordable Housing Program—without a repayment requirement until she sells the home, made this deal work. It wasn’t easy. We’re thankful FHLB Dallas supports housing affordability through its down payment program.”

Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas, said down payment grants for New Mexico residents were increased this year due to rising home prices in the state.

“We’re happy to see Homewise and other New Mexico members using our HELP grants as a way to help hard-working New Mexicans achieve the American Dream,” he said.

Ms. Moncada, meanwhile, is paying it forward by letting others know about the programs that helped her.

“I try to tell as many people as I can about these programs,” she said. “It took a long time, but my mother always said things happen when they are supposed to. I’m very happy.”

About Homewise

A better way to buy a home means buying a safe, high-quality, affordable home with low-cost financing, equipped with knowledge and solid financial habits. Homewise brings all the steps to buy and own a home under one roof. Our services and products empower our customers with knowledge and financial skills, provide them with affordable homes and lending products, and support them as partners both before and after the home purchase.

About the Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $109.9 billion as of March 31, 2025, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.

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"We’re thankful FHLB Dallas supports housing affordability through its down payment program.” -Chris Quintana, chief lending officer with Homewise