One Roof
In 2021, Results Foundation provided One Roof a $7,500 for their Credit Builder program.
Through Credit Builder, One Roof will offer two different programs related to improving credit:
Credit Builder to Homeownership:
This option is for clients who do not necessarily have negative items in their credit history, but they need to build their credit profile by establishing a new line. One Roof would provide a loan to be repaid in twelve months; loan funds would be held at One Roof on client’s behalf. After a successful 12‐month repayment term, the client would receive the money they paid toward the loan plus a $1500 match. The match money can only be used toward a home purchase; therefore, it would not be paid to the client directly, but rather wired directly to their title company on or before their closing day.
Credit Repair to Homeownership:
The goal of this option is to help clients settle old collection debt that jeopardizes mortgage approval, while simultaneously creating a new active account to build positive credit history. Clients who successfully complete the program would earn a $1500 match that can be used toward home purchase.
This option provides a loan at 0% interest to settle collection debt creating an active line to build credit with. The $1500 “match” is available to use toward buying a home if client purchases during the loan term or within one year of completing loan. The participant can purchase a home at any time during loan period, or up to one year after paying off the loan to utilize the match money toward a purchase a home, and there are possibilities for extensions.
Through this grant, the Results Foundation is able to help higher barrier clients to become homeowners, and one which will help BIPOC households, in particular, establish generational wealth.