How SRFSI Helps You Become a Homeowner

How much income do I need to have to qualify for a SRFSI home loan?

There is no minimum income requirement. But, you must prove steady income for at least three years, and demonstrate that you've consistently paid your bills on time. Your loan amount will be based on what your income capacity allows you to afford.

What qualifies as an income source for an SRFSI home loan?

Per Capita, child support, retirement pension payment, unemployment compensation, VA benefits, military pay, Social Security income and alimony all qualify as income sources. Part-time pay, overtime, and bonus pay also count as long as they are steady.

How does my credit history impact my ability to qualify?

SRFSI is generally more flexible than conventional lenders in its qualifying guidelines. In fact, SRFSI allows you to re-establish credit if:

  • Two years have passed since a bankruptcy has been discharged
  • All judgements have been paid
  • Any outstanding tax liens have been satisfied or appropriate arrangements have been made to establish a repayment plan with the IRS or State Department of Revenue
  • Three years have passed since a foreclosure has been resolved.

Can I qualify for a SRFSI loan without credit history?

Yes. If you prefer to pay debts in cash or are too young to have established credit, there are other ways to prove your eligibility.

May 2022