For a salaried, W2 wage earner you will need to gather the following to provide to your lender:
If you have self employment income solely, or in addition to your wage earner income then you will need to provide a little bit more information:
Once your loan has been prequalified then you are ready to work with your architect and builder to design your home and budget.
You will also need to provide information on where the home will be built.
Once all of the above is finished you will then provide the information to the lender to begin processing your loan. Obtaining the build information may take some time since your prequalification so you may need to update a few items previously supplied. Your lender will now have what they need to order the appraisal and title work. After this data and other necessary documents have been received by the lender then the loan will be underwritten. After the file has been designated clear to close, you will then finalize the loan by signing closing documents at a title company. Your transaction is complete and your are ready to start building your home.
One Time Close Loan