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Construction information checklist
In addition to the personal financial information required in any residential mortgage transaction (i.e. tax returns, bank and/or brokerage statements, etc.), we will require the following information pertaining to the construction project:
With loan application
- Purchase Contract (if transaction involves a purchase)
- Brief description of planned improvements
- Preliminary Construction Budget
- Construction Plans (if available)
Prior to loan closing
- Appraisal of the Property in "as-is" condition
- Environmental reports (if any environmental issues exist)
- Evidence of liability insurance coverage
- Evidence of hazard insurance (if any structures exist on the property)
Prior to funding construction advances
- Final stamped architectural and structural plans (2 sets)
- Appraisal of the Property subject to completion of the approved plans
- Detailed construction budget
- Contractor information package (your loan officer will provide this)
- Signed construction contract
- Evidence of Course of Construction insurance
- Evidence of Workman's Comp insurance
- Evidence of liability insurance
- Building permits
Step by Step Guide
- 1. Where can I build?
- 2. My application checklist
- 3. My construction information checklist
- 4. Who is my project team?
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5. Have a banker contact you to complete the process
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