Salt River Financial Services Institution has introduced Mesquite Trails at Canalside III/IV, which is a master-planned home ownership community designed exclusively for members of the Salt River Pima-Maricopa Indian Community who do not have allotted land. For the past 12 months, Community members have been able to apply for the home loan through SRFSI for Mesquite Trails, but currently only two Community members have been deemed eligible for the home loan and qualified for a home at Mesquite Trails and are in the design phase of the project.
SRFSI Executive Director Bill Spurlin said the plans to build the homes have been in the works for over six years.
“The Community began the infrastructure and development about five years ago and we have been working through design elements and getting all the plans put together for two and one half years,” he explained. “It originally started as a concept seven years ago and has been a great project to work on. Other departments such as CC and ECS have worked together to bring this project to fruition.”
Spurlin said a unique aspect about this project is it is the first home ownership subdivision the Community is going to have. He said it is really one of its first, energy efficient home subdivisions being built in the nation where there will be 91 homes, which are all energy efficient and built out of insulated concrete (ICF block).
“But it is also the first opportunity for Community members to create wealth through homeownership,” Spurlin said. “Since the land is owned by the community, other community members can buy those homes from them in the future. So while they are being built to our “forever” standard guidelines, if someone five years down the road can sell their house and make a profit by selling the entity they own, the underlying lease is still with the tribe and the new landowner would be eligible. This gives them the opportunity to make a profit while in other homes at this point on the Community they are unable to. So that is good news too, we are helping them clean up their credit and also giving them the number one way to build wealth throughout the nation –home ownership, as long as marketing conditions are favorable.”
Homeownership Services Manager Lisa Deer said they are really confident in the price range they were able to secure with the contractor and said the homes hold far more value than what the price range is set at.
“This is a one-of-a-kind subdivision in Native America and there is no other subdivision like this. To get homes that are Energy Star Certified for this price, is really giving Community members an outstanding product that will last generations,” she said.
Deer said one of their philosophies of the ‘forever’ homes is they are built to be passed down for generations.
Spurlin said they are expecting to begin building the two homes which have been approved by the first of the year, if not sooner.
Deer said the eligibility of the homes is on a first qualified, first served basis. There are only 91 homes and in order to choose a lot you have to be completely qualified and eligible for the loan to secure the lot.
Qualifying for a Home Loan Through SRFSI
Step I:Determine your elgibility to acquire tribal land.
* Set up a meeting with SRPMIC Community Development Department (CDD) to discuss your eligibility. CDD is located at 10005 E. Osborn Road Building B, 3rd floor. Requirement apply. Appointments are encouraged, but CDD may also be reached by phone at (480) 362-7600.
* After your meeting, CDD will notify you with the results of your eligibility status. CDD will also notify SRFSI of your elgibility to acquire tribal land.
* If you qualify, you may begin the loan process with SRFSI.
Step II: Determine your eligibility for a SRFSI loan.
*Set up a meeting with SRFSI to discuss this process. We are located at 8800 E. Chaparral Suite 240. Appointments are encouraged, but we may also be reached at (490) 850-5460.
* During this meeting SRSFI will work with you to complete your loan application. To begin the loan process, you will be asked to submit: 2 months most recent pay stubs, 2 months most recent bank statements, proof of any other sources of income excluding Per Capita, last two years of W2 statements and copy of your Tribal ID.
* Once your loan application is complete and both the application and supporting documents have been submitted, SRFSI will review your file and pull your credit report. We will then contact you to set up a credit/process review meeting.
*Once your application is complete and both the application and supporting documents have been submitted, SRFSI will review your file and pull your credit report. We will then contacat you to set up a credit/process review meeting.
*At the credit/process review meeting, you will learn if you are eligible for a home laon. If you are not eligible for a loan, we will discuss the issues that make you ineligible and identify steps you can take so that you can receive a loan in the future.
*If you qualify for a home loan, you will receive a Good Faith Estimate of the cost of the loan. This estimate includes approximate closing costs and down payment. You will also learn what your potential loan amount will be and what your payments will cost.
Step III: Become a homeowner.
*If you choose to proceed with the loan, you will work with SRFSI Design Center, you select the features you want in your new home and, if applicable, choose upgrades.
*You will have the option of participating in our Individual Development Account program (IDA). An IDA is an account dedicated to saving for your down payment and chosing costs. Guidelines apply and you must enroll witih SRFSI to participate in this program.
* Construction will begin on your home.
*Once your home is complete, SRFSI facilitates your loan closing. Clsoing is when you sign all of the legal documents, pay your down payment and closing costs and receie the keys to your new home.
Credit and income elgibility are required for loan approval. SRFSI offers 30-year fixed rate loans.