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Getting Started on the Roadmap to Homeownership

How to Get Started With a Mortgage Loan

Follow this 4 step process to get you started down the road to homeownership.

Step 1: Visit SRFSI

To get the process started, simply call SRFSI to schedule an appointment. Appointments are encouraged to ensure ample time to answer your questions and get you started on the road to homeownership.

Step 2: Homeownership Readiness

SRFSI understands that everyone’s situation is unique and will begin working with you on a detailed action plan to help you achieve homeownership.

  • Financial Assessment
    Assess your current financial situation and help you clear up any issues (if any) that could prevent you from obtaining a loan approval.
  • Establish Goals
    The goals will be unique to you and will assist you in successfully obtaining homeownership.
  • Homesite Lease
    SRFSI staff will work with you to determine whether you have existing approved Homesite Lease or if you will need to obtain a Homesite Lease.
    • Existing: SRFSI will verify if you have an existing approved Homesite Lease with SRPMIC CDD/Membership and Real Property Division and obtain copies for you.
    • New: SRFSI will help you set up an appointment with the SRPMIC CDD/Membership and Real Property Division to determine what your options are for a Homesite Lease, to include the Homesite Withdrawal process. Depending on your individual situation, it can take anywhere from 6 months to 2 years to complete this step.
  • Budgeting & Savings Goal
    Creating a budget and savings plan to begin saving for the estimated down payment and cash-to-close.
  • Timeline
    Establish a timeline (roadmap) for you that will outline all the milestones on the roadmap to homeownership and the responsibilities and expectations of you and SRFSI (e.g. loan approval, pre-construction, construction, etc.).

During this time, SRFSI encourages you to participate in credit counseling and various financial education trainings to assist you in learning the fundamentals of home ownership and begin working towards prequalification and loan approval.

Step 3: Loan Approval and Pre-Construction

Once you have completed Step 2, SRFSI will seek a full loan approval from the SRFSI Loan Committee, upon approval, you will enter the Pre-Construction phase. The Pre-Construction phase includes:

  • Design (floorplan and site planning)
  • Request for Bid (RFB) from Contractors
  • Contractor selection.
  • Permitting

*If there are any changes from the initial loan approval estimates, you may be required to seek a modified loan approval from SRFSI. SRFSI will requested updated information from you regularly throughout step 2, 3 and 4 (e.g. updated income verification, bank statements, tax returns, etc.).

Step 4: Construction to Move In

This is the most exciting step because the construction of your home will begin and you are that much closer to achieving homeownership.

  • Prior to Construction
    • Request for Updated Information: SRFSI staff will request updated information from you (e.g. updated income verification, bank statements, tax returns, etc.) so that the Construction Loan documents can be prepared.
    • Construction Contract: SRFSI staff will schedule a day and time to meet with you, walk you through the Construction Contract, and obtain your signature to execute the Construction Contract for you home with the Contractor you selected.
    • Construction Loan: SRFSI staff will meet with you, walk you through all of the documents for the Construction Loan, and obtain your signature so that you can start the construction of your home.
  • Construction
    SRFSI staff will facilitate, coordinate and monitor the progress of construction for your home to include any compliance visits, obtaining a certificate of occupancy, etc. with you, the Contractor and necessary SRPMIC departments/divisions.
  • End of Construction
    • Request for Updated Information: SRFSI staff will request updated information from you again about 30-45 days prior to your homes anticipated completion date. SRFSI will provided you with a checklist for final requirements that must be met prior to the final walk thru and Permanent Loan documents signing (i.e. directions for cashier’s check, quote and payment of first year’s home insurance, etc.).
    • Final Walk-thru: SRFSI will schedule a day and time with you to do a Final Home Walk thru to ensure satisfaction and substantial completion prior to turning over keys. A homeowner 101 and warranty information will also be shared.
    • Permanent Loan: SRFSI staff will meet with you, walk you through all of the documents for the Permanent Loan, and obtain your signature and cashier’s check for the down payment and cash-to-close.

How SRFSI Helps You Become A Homeowner

We’re here to help you become a first-time homeowner. Explore some of the many ways SRFSI can assist you.

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

You must prove steady income for at least two years, and demonstrate that you have 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 a SRFSI mortgage loan?

Regular employment (full-time and part-time), overtime, bonus, tips, commission, tribal per capita, child support, retirement pension payment, unemployment compensation, VA benefits, military pay, Social Security income and alimony all qualify as income sources, as long as they are steady and recurring.

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 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.


Thanks to Salt River Financial Services, (SRFSI) we were able to establish our forever home. At first, it was intimidating to create a financial plan which meant cleaning up credit history and saving towards the down payment.  However, SRFSI assisted through the process. In addition encouraging the financial classes that they offer for budgeting, credit, and maintaining homeownership. Thank you SRFSI for making the homeownership possible for our family.