Checklist for customer Construction Loan - Owner Builder

Thank you for your interest in a cfsbank Owner Builder Construction Mortgage Loan.
Prior to the actual formal loan application, copies of the following must be presented for review in order to move things along efficiently.
• Copy of recorded deed for the property being mortgaged.
• Sales agreement for the building lot or construction package signed by all parties (if applicable).
• Complete set of building plans and material specifications that meet the Uniform Construction Code, Local Communities and Building Code Officials (BCO) requirements. Plans may be submitted in a readable digital format [ledger size or legal size] or full size plans.
• Building Permit and required community phase inspection guidelines for certification by the approved building inspector. Include name and address of the inspector.
• Survey of lot showing size and location of new construction and any existing structures on site. Structure distances from boundary/set-back lines must be indicated. Review required local guidelines.
• Copy of septic dye test if property serviced by septic system; copy of sand mound schematics if appropriate.
• Copy of well flow and purity test [potable water test / well inspection], if appropriate.
• Completed and signed/dated Owner-Builder Cost Breakdown Worksheet.
• Completed and signed Specifications Workbook.
• Please note the bank does NOT permit any type of construction/improvements prior to the loan closing.
• Please provide “estimated” property tax amounts for county/local/school and “estimated” homeowner’s insurance policy amount for when home construction/improvement is completed.

County Tax:

Local Tax:

School Tax:

Insurance Tax:

Special Note - The appraisal of a property [for a construction loan] takes into account many factors including but not limited to the following: location of property, land topography, lot values, home type, size, proposed construction specs, comparable sale of other similar homes in the market area, etc. cfsbank Board of Director utilizes a list of approved independent licensed appraisers. The value determined by the appraiser is used to process your loan according to cfsbank underwriting guidelines including required down payment/equity requirements.

After the above information has been reviewed by cfsbank, please refer to the next page and gather the information requested to submit for the formal loan application. Please call or email if you have any questions. Thank you.

Thank you for your interest in a cfsbank loan. The following information and “copies” of your documents should be presented at the time of formal loan application.

Appraisal Fee and Credit Report Fee

due at the time application documents are signed via personal check. [20% Down Payment Required.]

Owner Builder Construction

Purchase with Improvements

Refinance with Improvements

Loan Term Requested:

Amount of Down Payment:

Loan Amount:

Source(s) of Down Payment:

Loan Purpose:

Name of Applicant(s):

Marital Status [married / unmarried / separated]:

Social Security Number(s):

Address of Applicant(s):

Telephone Numbers of Applicant(s):

Email Addresses of Applicant(s):

Own

Rent

Number of Years:

[If less than two years, please provide former address.]

Landlord Name / Address / Telephone # / Monthly Rent $:

Applicant #1 Employer Name/ Job Title / Number Years Employed-Start Date / Address / Telephone # / Email:

Applicant #2 Employer Name/ Job Title / Number Years Employed-Start Date / Address / Telephone # / Email:

• Copy of recorded deed for the property. Survey of property. Is property in a flood zone? (See fields below.)
• Copy of recent paid / unpaid property tax statements [for county/local/school] for three years.
• Please provide “estimated” property tax amounts for county/local/school and “estimated” homeowner’s insurance policy amount for when home construction/improvement is completed. County/Local/School: (See fields below.) Insurance: (See fields below.)
• Two (2) months most recent paystubs for all applicants.
• Most recent two (2) years W-2’s.
Complete Federal Income Tax Returns with all supporting schedules for the previous two (2) years.
• Copies of last two (2) months bank statements showing funds to be used for down-payment and closing costs.
• Water Source:(See fields below.) Sewage Source:(See fields below.)
• Copy of septic dye test if property serviced by septic system; copy of sand mound schematics, if appropriate.
• Copy of well flow and purity test [potable water test / well inspection], if appropriate.
• Provide copy of valid photo identification for all applicants (driver’s license, etc.).
• List of Assets and value. Please include:
Real estate you currently own [year built, value, outstanding mortgage statements]
Automobiles [year / make / model / value / minimum monthly payment]
Copies of two months bank statements [checking, savings, money market, cd’s, retirement accounts]
Provide list of other personal property with significant value [please itemize]
• Statement of Liabilities: Please provide most recent statements for car loans, credit cards, student loans, real estate loans, etc.
• Name of nearest relative not living with you to include address, telephone number and relationship.
• Mother’s Maiden Name for all applicants: (See fields below.)
• Number of dependents: (See fields below.) Age(s) of dependents: (See fields below.)
• Detailed written directions to the build site must be provided at the time of application signing.
• Please note that escrow for the payment of real estate taxes and homeowners insurance is required, and will be established when construction is completed. Plan accordingly and save during construction to prepare to fund the escrow account at that time.
• Note: Mortgage satisfaction fee applies at time of loan payoff.
• Please note the bank does NOT permit any type of construction/improvements prior to the loan closing.

Is property in a flood zone?

County Tax:

Est after completion

Local Tax:

Est after completion

School Tax:

Est after completion

Insurance:

Est after completion

Water Source:

Sewage Source:

Mother’s Maiden Name for all applicants:

Number of dependents:

Age(s) of dependents: