CONSTRUCTION LOAN PACKAGE CHECKLIST

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CONSTRUCTION LOAN PACKAGE CHECKLIST The following items will be needed by the credit union to begin the CONSTRUCTION loan approval process: FINANCIAL INFORMATION: ______ Personal financial statement {Application} ______ Pay stubs for the previous 30 day period ______ Prior two year s tax returns {With W-2 s} ______ Last two months account statements {Checking, savings, stock & bond} ______ Prequalification letter {For long term financing} ______ Self employed borrowers with {Corporations, partnerships, LLC s, LLP s} Business tax returns for the previous two years Current balance sheet and profit and loss statement Copy of valid photo identification DISCLOSURE AND AUTHORIZATION: ______ Authorization to obtain credit information ______ Consumer CONSTRUCTION loan notice ______ Notices and Disclosures for In-house Real Estate Loans CONSTRUCTION INFORMATION: ______ Estimate of CONSTRUCTION costs {With supporting bids} ______ Plot plan ______ Materials description form ______ Blueprints / plans {Two sets} ______ Owner builder resume {If managing the project} ______ Copy of contractor s license and business license and residential endorsement {If not managing the project} ______ List of sub-contractors and suppliers ______ CONSTRUCTION time line ______ Earnest money agreement on lot {If applicable} ______ Proposed energy rating {Heat loss analysis} ______ Soils and percolation test {If applicable} ______ Zoning cla

CONSTRUCTION LOAN PACKAGE CHECKLIST. The following items will be needed by the credit union to begin the construction loan …

  Construction