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FHA Loan

Construction/Perm

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Construction Documentation Requirements 

Construction mortgage documentation requirements                                                    

We will normally require the following documentation for your construction loan. 

• W2s for the past two years. All borrowers.

• Most recent 3 months bank or investment account statements. All borrowers.

• Tax returns for the past two years. If self employed or if there is any income other than employment. All borrowers.

• Current pay stubs. All borrowers.

• Current P and L for self employed Borrowers.

• A complete set of construction plans, signed by the contractor and the borrowers. Construction Loan Only.

• A description of work to be done and the materials to be used. Construction and Rehabilitation Loans.

• Line item cost breakdown prepared by the contractor. Construction and Rehabilitation Loans.

• HUD1 Closing statement if property is currently owned by the borrower. Construction And Rehabilitation Loans.

• Construction contract signed by all parties. Construction Loans Only.

• Contractor Application, License and Credit Report. Construction Loans only.

 If you are applying for a stated income documentation loan, then you will not include any income documents.

NEW! I have a newsletter giving a complete description of the Home Improvement/Renovation Financing programs which is available by email.

More information on remodeling loans are available here.

One of the questions I frequently get from my clients is about finding a qualified and reliable contractor. After a great deal of research, I do recommend Reliable Remodeler. I have personally used their free service and was very pleased with the outcome. Please complete their contractor referral form for up to 4 local pre screened contractors.

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.

New! View my Wealthbuilder presentation and learn the safe way to manage your debt and fund your retirement.

I hope the information on this page was useful to you. Please scroll down to view my Mortgage Market Guide. It is a weekly publication explaining the financial markets from a consumer's perspective that is available on this website or by email subscription. I have nearly 8,000 subscribers today and would be happy to have you as well. Your email address will never be used for any other purpose.