Artisans' Bank located at 2961 Centerville Road in Wilmington, Delaware offers a credit builder loan that can enable a borrower to accrue the savings necessary for a down payment on a home.
How It Works:
When a consumer borrows a amount between $500 to $2,000, the funds are deposited into a free savings account that secures the loan. The borrower will then repay the loan over the course of twelve months from their cash flow. Payments made on-time will then be reported to the major credit reporting agencies which will strengthen the borrower's credit rating over the course of the loan.
Applications that want to participate in the credit builder loan program must first call and be referred from one of the participating local agencies below:
YWCA of Delaware, 302-658-7161
First State Community Loan Fund, 302-652-6774
Interfaith Community Housing of Delaware Inc., 302-652-3991
Nehemiah Gateway CDC., 302-655-0803
West End Neighborhood House, 302-658-4171
Delaware Community Reinvestment Act Council, Inc., 302-654-5024
NCALL Research Inc., 302-678-9400
Ministry of Caring – Hope House I, 302-652-8532
Delaware Financial Literacy Institute (Delaware Money School), 302-792-1200
Neighborhood House, Inc., 302-652-3981
Delaware Alliance for Community Advancement 302-656-8200
YWCA Home Life Management Center 302-658-7110