CONSTRUCTION LOAN
REQUIREMENTS
Proof of dentity
- Copy of state-issued ID or passport for residents and copy of passport for foreign nationals
Construction Documents:
- Construction contract with builder (if applicable)
- Sworn construction statement (if a builder's contract is not in place)
- Plans and specifications of the construction (i.e. blueprints)
- Budget and Project Scope Worksheet.
Income Documents:
- W-2 forms for the last two vears of employment
- Paystubs for the last two months
- Personal and Business tax Returns (if applicab e).
Asset Documents:
- Bank or other monetary asset statements for the last two months
- Investment Property Track Record
- Evidence of property insurance
LOAN CRITERIA
Term:
Up to 20 years
Lending area:
Nationwide
Loan size:
$100k-50M
Interest Rate:
5%-8%
Amortization:
Interest only
Minimum FICO:
550
Funding fee:
Between 1% to 5% paid at closing
Closing term:
Closing within 3 - 10 business days