What do I need?
Since you are obtaining money on the finished value of a home not yet constructed, we will need to understand the total picture as clearly as you do. Therefore, in addition to standard credit documentation, we will need, at a minimum, the following documents to start the process:

• Your full application package.
• Final plans and specifications for the home. These are needed in order to obtain an appraisal that will reflect an estimation of the value at the time that construction is completed.
• Purchase contract for the lot (or Settlement Statement from the title company if you've already purchased it)
• Property profile - a description of materials to be used ? we will supply you with the forms)
• Line Item Cost Breakdown from the builder ? we can supply the forms
• Builder's construction contract ? the builder/contractor will supply it you
• Copy of the Builder's/Contractor?s license
• Builder's statement and/or signed authorization for credit rating

Besides my Construction to Permanent Loan, what other costs may be associated with the construction of my home?
Additional costs will vary, and may include construction loan closing costs and fees and special insurance requirements. But don't worry; your Construction-to-Permanent Loan can usually include on-site costs, off-site costs, closing costs, interest reserve, contingency reserve and lot purchase or value.

When will I have to make loan payments?
With our lender Construction-to-Permanent Loan program includes an interest reserve, which means that you will not have any payments out of pocket during the construction period. An interest reserve account will be incorporated within the loan amount. Depending on how quickly you use your construction funds; there should be sufficient funds within the construction loan to carry you through the entire construction period.

Will the payments on my construction loan include principal and interest?
Initially you may have interest only payments on incremental funds drawn out until the house is completed. Generally speaking, this means that interest is charged only on the amount of funds used at any given point and time. Payments are interest only during the construction period, converting to principal and interest payments for the remaining term of the loan.