Construction Loan Application Checklist

While not required to start an application, this checklist will assist you in assembling the information and documentation potentially necessary to process your loan application. By helping gather these documents in advance, you help to ensure your loan application is processed and closed as quickly as possible.

 

All Applicants

• A copy of your Purchase Contract, signed by all buyers and sellers if Lot is being purchased as part of the construction loan
• A copy of your signed HUD-1 Settlement Statement showing the purchase of the lot if you already own the lot
• Original pay stubs covering the last 30 days
• Original W-2 forms and K-1s for the last two years 
• Original bank statements for the past two months for all checking, savings and money market accounts 
• Federal filed tax returns with all schedules for all borrowers covering the past two years 
• The name, address and phone number of your landlord for the past two years, if you are currently renting or have rented in the past two years 
• If you currently own your primary residence we will need to know if you plan to sell before or after construction is complete or if you will be renting out the home as a investment property.
• Award letter, if you are receiving retirement, Disability or Social Security 
• Construction Contract from the contractor
• Construction Budget from the contractor showing the total construction costs
• Plans and specs

 

Self-Employed

Applicants who are self-employed or own 25% or more of a business should also provide the following: 

• Complete copies of your last two years personal and business federal signed income tax returns 
• Your year-to-date Profit and Loss Statement and Balance Sheet 
• A copy of your current lease, lender name, address, account number, mortgage balance and payment on any rental property