Embarking on a significant construction project and in need of a residential construction loan estimate? You’re in the right place. This guide will walk you through the five crucial items you’ll need to obtain an accurate estimate for your project. Let’s get started on turning your construction dreams into reality.
Architectural Plans & Project Specifications: Provide a detailed architectural plan going over every aspect of your construction project. Project specifications include – project timeline, floor plans, ceiling heights, varieties of home insulation, cost of wood used, etc. These plans also include an inventory of all building materials being used.
Sworn Construction Statement: This statement will include the name of suppliers and subcontractors involved in your project, as well as the budget for the project.
Loan Application: You are able to receive a HomeTown Bank loan application from one of our lenders. Contact your local branch to receive one in order to have it completed when you arrive.
Financial Checklist:
- Federal tax returns with all W-2 forms and k-1’s (last 2 years)
- Last 2 original pay stubs for all applicants (if paid weekly, 4 pay stubs are required)
- Bank statements for checking and savings accounts (last 2 months)
- Investment account statements – 401k, IRA’s, brokerage accounts, etc. (last 2 month)
- Most recent 1st (& 2nd) mortgage statements with complete loan numbers (if applicable)
In order to speed up your loan application process, we recommend having all your financial documents ready and scheduling an appointment with one of our experienced lenders. You can either reach out to us to receive a paper application or contact your nearest lender for a convenient link to fill out an application online. We look forward to assisting you during this exciting phase of your project and helping you turn your dreams into reality!
