Thank you for inquiring about Construction Loans through CU Member Business, Inc.  Please read the following information carefully--loan application link is at the end of the information.

            To review your request, we will need the following:

 1)        A completed and signed application

2)                $400 good faith deposit (used towards your closing costs)

3)                Current Paystubs, W2’S

4)                If self employed:  2 years Federal Tax Returns and YTD Profit & Loss

5)                Divorce Decree (if applicable)

6)                Purchase Agreement on Land if purchased within the last year

7)                Detailed Letter explaining overview of situation and proposed construction needs

If you will have a Builder/General Contractor please also provide:

1)                  Builder’s Contract

2)                  Builder’s Name, address & phone numbers

3)                  Purchase Agreement or Sworn Construction Statement

4)                  Plans, Bids and Specifications

5)                  Complete Materials List

6)                  Legal Description

7)                  Abstract of Title (if you do not currently own the property)

8)                  Certificate of Liability Insurance (Builder)

 If you will be the General Contractor please also provide:

1)                  Your Resume

2)                  Sworn Construction Statement

3)                  Plans, Bids and Specifications

4)                  Complete Materials List

5)                  Legal Description

6)                  Abstract of Title (if you do not currently own the property)

7)                  Builders Risk Insurance

We offer a 2 for 1 closing on your construction and your end mortgage loan.  The costs are generally higher than a standard purchase loan due to inspection fees, draws, etc…but are substantially lower than two separate closings.  Please contact us for more information.

It is highly recommended that you do not start any type of work (including removing trees) or have any materials or equipment on the property until the loan is approved and has closed.  This may jeopardize our lien priority and your loan approval.