Outside Isleta Pueblo
I. Loan Application Process
If funding available, TLS will contact applicant.
- TLS determines whether applicant meets eligibility requirements.
- Applicant obtains all necessary documentation (e.g., purchase agreements, building contracts with licensed contractors)
- If Home Loan Program funds are inadequate to fund loan amount, applicant will be placed on a waiting list.
- If funding available – TLS will contact applicant to complete loan origination process to determine credit worthiness.
- TLS appraises value of home or designs to determine value of home.
- Amount of home loan is determined by TLS based on credit worthiness and appraisal of home.
- Loan closing – promissory note, mortgage and other loan documents are signed.
II. Funds for Disbursement of Home Loan
After loan closing:
- Loan proceeds for purchase of a home are paid to seller, or
- Loan proceeds for construction or renovation are placed in TLS’s lending account and drawn upon as work on the home is completed.
Borrower makes monthly payments on the loan for 15-30 years, depending on the loan amount.