Credit Building: A Path to Better Credit and Homeownership
One of the biggest challenges first-time homebuyers face is credit. A lack of credit history or a low credit score can stand in the way of achieving the dream of homeownership. At NeighborWorks Waco, we understand how important financial stability is, not just for individuals, but for the entire community.
That’s why we offer Credit Counseling services and why we created Project SAVER, a unique credit-building program designed to help families improve their financial health and move closer to owning a home.
Credit Counseling:
Personalized Credit Review
Meet with a certified credit counselor for a one-on-one consultation tailored to your financial needs.
Comprehensive Credit Report Analysis
Receive an accurate, up-to-date credit report, complete with credit scores and a breakdown of your financial history.
Customized Action Plan
Work with our experts to identify areas for improvement, dispute inaccuracies, and develop a plan to boost your credit score.
Financial Skills & Strategies
Learn practical steps to manage debt, build positive credit habits, and improve your financial well-being.
Credit Report Fee: A small fee applies to obtain your full credit report: $25 for a single report, $50 for a joint report
Project SAVER:
Project SAVER is a strategic partnership between NeighborWorks Waco, First National Bank of Central Texas, and TFNB Your Bank for Life, offering an innovative way to build credit and financial confidence.
Program Details:
Credit-Building Loan
Qualified participants receive a loan from First National Bank of Central Texas, or TFNB.
Repayment Plan
Clients must repay the loan in on-time monthly payments over a nine-month or one-year period, depending on the lender.
One-on-One Financial Coaching
NeighborWorks Waco’s certified housing and financial counselor, Virgen “Ms. V” Latimer, works with participants to establish and manage a household budget.
Monetary Incentive
If participants successfully repay the loan on time, they receive a monetary incentive from NeighborWorks Waco.
The Impact of Project SAVER
By making consistent, on-time payments, participants see significant improvements in their credit scores—some by over 100 points! A higher credit score can open the door to better mortgage options, lower interest rates, and ultimately, homeownership.
Why Credit Matters
- Stronger credit leads to better loan opportunities for home purchases.
- Higher credit scores can lower interest rates and make homeownership more affordable.
- A financially stable community leads to stronger neighborhoods, increased homeownership rates, and long-term investment in Waco.
Join Project SAVER Today!
Since its launch, over 65 families have successfully completed Project SAVER, and we are currently accepting 25 new participants.
If you or someone you know could benefit from this program, don’t wait—space is limited!
