Location is always the most important component 2. Your lifestyle and the plan you choose should fit your family needs and allow flexibility for ease of re-sale. Getting pre-qualified Determining price range Overcoming credit concerns 2. Find the perfect home and sign the contract to build 3. From Contract to Moving Day Loan Application Appointment - be prepared.
Lender orders a credit report and title commitment.
Lender orders appraisal of property, verifies employment, bank accounts and rental or mortgage histories. Lender's underwriter approves loan and commitment letter is issued to the buyer and builder. Lender sends closing instructions to the Title Company. The Title Company prepares closing documents. On closing day, buyer pays down payment, closing costs and prepaid expenses, signs loan documents, and accepts property pending loan funding.