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New Home Loans

Important Information in New Home/Construction Loans:

1.	Apply for permanent financing as soon as contract amount has been determined. We will obtain credit information on borrowers, order an appraisal from plans and specifications, verify employment and assets. It will take approximately 2-3 weeks to obtain a full loan approval. Credit only approval (without appraisal) can take 2 hours to 5 days depending on applicants individual situation. We can then issue a commitment letter, which will be needed for interim loan approval. Please discuss with your builder which bank they will be using for their interim loan, along with their fees. Most banks accept the same loan documents and appraisal we use for our loan approval, which saves you considerable paperwork and time. After the interim loan is approved and closed, the building of your home will commence.

2.	After the home is completed, a final inspection will be performed by the appraiser. This will be used to determine if the home is complete according to the plans and specs. Please note: this is not an inspection to determine the adequacy of construction or to inspect appliances and equipment. If you feel uncertain about these items, please contact an independent home inspector. A survey will also be ordered to assure there are no encroachments and the loan will then be closed at the title company of your choice.

Please remember the following if you are building on your own land:

Make sure a builders and mechanics lien, in the sufficient amount, is filed and recorded by the interim lender and builder. We can pay off only recorded liens. If you are handling the disbursement of interim funds, please keep a bank account for this purpose only. If you put any of your own funds into making improvements, keep very accurate records as this money cannot be financed into the loan amount. It will be applied toward your down payment requirement. We must show canceled checks and invoices for each improvement made and will credit this exact amount. If your property does not have direct access to a public street, please discuss this with your loan officer. You will need to have a deeded easement to a public street. In some cases, you may need a private road maintenance agreement.

4.	During the construction of your home, if you elect to make changes, please discuss these changes with your loan officer. Major change orders that you may want to add to your loan amount may require re-submission of your loan approval.
5.	After your loan is approved and construction has started, discuss any changes you may be contemplating regarding your employment, major purchases or funds to close. They may affect your loan approval.
6.	Extensive time lapse during construction may require your loan to be updated and re-approved