Do I Qualify?
Home Loan Eligibility Requirements
Subject to certain preferences, Tiwa Lending Service will make home loans on a first-come, first-served basis.
- Applicants must be tribal members, age 21 or older.
- Loan Limits – the less of $200,000 or the appraised value of the home
- Any building contractor who will perform work on the home must be a licensed contractor.
Applicants must have:
- No prior uncured default in payment on a mortgage, no more than three defaults in payment on a previous or current mortgage, and no previous foreclosure litigation commenced against them;
- No outstanding delinquency with the Isleta Pueblo or TLS;
- A credit score equal to or greater than 620 (unless there are special circumstances);
- A debt to income ratio (DI) that is equal to or less than 41% (unless there are special circumstances). This means the debts of the applicant must not exceed 41% of his/her income;
- A mortgage payment to income ratio (MI) that is equal to or less than 28% (unless there are special circumstances). This means the monthly loan amount must not exceed 28% of the applicant’s monthly income; and
- Been employed by the same employer for at least one year, or have been employed in the same field for more than 2 years, or can otherwise demonstrate the likelihood of continuing ability to repay a home loan.
- Members of, or an advisor to, the Housing Finance Committee are not eligible.