You can send requested documents by Fax or FAX:

(1)

RE037 Construction Instructions R 09-05-2014

Mortgage Lending FAX: 210.637.4156

EMAIL: [email protected]

Dear Member (s),

Thank you for considering RBFCU for your home construction financing needs. To complete your loan transaction, please send

the following documents for our review:

a.

Completed loan application

b.

Copy of the executed construction contract from the builder

c.

Copy of the blueprints and specifications

d.

Copy of the Warranty Deed

e.

Copy of your most recent deed of trust for the land.

f.

Most recent County Tax assessment showing appraised value of your home

g.

Copy of the existing survey or the subdivision plat.

h.

Tax returns for two full years for both personal and business as well as most recent profit and loss statement for

self-employed.

i.

Tax returns for two full years to include IRS Form 1040 Schedule E and current lease/rental agreements for all rentals.

j.

Income verification (2 years of W2’s, two recent paystubs, social security award letter, retirement annuity).

To satisfy legal requirements, please do not have any work started or have any materials delivered to the property prior to

closing on the loan.

RBFCU will finance up to 80% of the appraised value or the cost of construction plus the land value (whichever is the lesser).

We will order the appraisal, which will be based on the plans furnished by your builder and the value of the land. Your 20%

equity investment may consist of equity in your land or cash down. Your 20% investment will go into the project first and the

credit union’s 80% will be used last. (30% equity is required for certain builders.)

An origination fee will be charged at closing on all construction loans. A form survey is required prior to the completion of the foundation.

The borrower or the builder will need to notify the loan officer when the form boards are set prior to pouring the foundation. The surveyor

requires a minimum two week notice to schedule the appointment. After review and approval of the form survey, the builder may proceed

with construction. A final survey will be required once the construction has been completed.

Please ask your builder to furnish a draw schedule to the loan officer. Funds will be deposited in your account according to the schedule

after a qualified independent inspection is performed. Inspection fees and interest will be collected at the time of each draw. RBFCU will

retain 10% of the contract price from the last draw until completion of the construction.

You can send requested documents by Fax or Email:

FAX: 210-637-4156

(2)

This application is designed to be completed by the applicant(s) with the Lender’s assistance. Applicants should complete this form as “Borrower” or “Co-Borrower,” as applicable. Co-Borrower information must also be provided (and the appropriate box checked) when the income or assets of a person other than the Borrower (including the Borrower’s spouse) will be used as a basis for loan qualification or the income or assets of the Borrower’s spouse or other person who has community property rights pursuant to state law will not be used as a basis for loan qualification, but his or her liabilities must be considered because the spouse or other person has community property rights pursuant to applicable law and Borrower resides in a community property state, the security property is located in a community property state, or the Borrower is relying on other property located in a community property state as a basis for repayment of the loan.

___________________________________________________________________________________________________________________________________________________________________

If this is an application for joint credit, Borrower and Co-Borrower each agree that we intend to apply for joint credit (sign below):

_ _

Borrower Co-Borrower

Agency Case Number Lender Case Number

Amount $

Interest Rate %

No. of Months Fixed Rate

GPM

Other (explain): ARM (type):

No. of Units Subject Property Address (street, city, state & ZIP)

Legal Description of Subject Property (attach description if necessary) Year Built

Purpose of Loan Purchase Construction Other (explain): Refinance Construction-Permanent

Property will be:

Primary Residence Secondary Residence Investment

Complete this line if construction or construction-permanent loan.

Year Lot

Acquired Original Cost $

Amount Existing Liens

$

(a) Present Value of Lot

$

(b) Cost of Improvements

$

Total (a + b)

$

Complete this line if this is a refinance loan.

Year

Acquired Original Cost

$

Amount Existing Liens

$

Purpose of Refinance Describe Improvements

Cost: $

made to be made

Estate will be held in: Fee Simple

Title will be held in what Name(s) Manner in which Title will be held

Source of Down Payment, Settlement Charges, and/or Subordinate Financing (explain)

Leasehold (show expiration date)

Borrower’s Name (include Jr. or Sr. if applicable) Co-Borrower’s Name (include Jr. or Sr. if applicable)

Social Security Number Home Phone (incl. area code)

DOB (mm/dd/yyyy) Yrs. School Social Security Number Home Phone (incl. area code)

DOB (mm/dd/yyyy) Yrs. School

Dependents (not listed by Co-Borrower) Dependents (not listed by Borrower)

Married Unmarried (include Separated single, divorced, widowed)

no. ages

Married Unmarried (include Separated single, divorced, widowed)

no. ages Present Address (street, city, state, ZIP) Own Rent ____No. Yrs. Present Address (street, city, state, ZIP) Own Rent ____No. Yrs.

Mailing Address, if different from Present Address Mailing Address, if different from Present Address

If residing at present address for less than two years, complete the following:

Former Address (street, city, state, ZIP) Own Rent ____No. Yrs. Former Address (street, city, state, ZIP) Own Rent ____No. Yrs.

Yrs. on this job Yrs. on this job

Name & Address of Employer Self Employed

Yrs. employed in this line of work/profession

Name & Address of Employer Self Employed

Yrs. employed in this line of work/profession

Position/Title/Type of Business Business Phone (incl. area code) Position/Title/Type of Business Business Phone (incl. area code)

If employed in current position for less than two years or if currently employed in more than one position, complete the following:

VA Conventional FHA

Land HELOC

Home Equity Condo

Other (explain): USDA/Rural Housing Service

Rental Home Improvement

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You can send requested documents by Fax or FAX:

Mortgage Lending FAX: 210.637.4156

EMAIL: [email protected]

Dear Member (s),

Thank you for considering RBFCU for your home construction financing needs. To complete your loan transaction, please send

the following documents for our review:

a.

Completed loan application

b.

Copy of the executed construction contract from the builder

c.

Copy of the blueprints and specifications

d.

Copy of the Warranty Deed

e.

Copy of your most recent deed of trust for the land.

f.

Most recent County Tax assessment showing appraised value of your home

g.

Copy of the existing survey or the subdivision plat.

h.

Tax returns for two full years for both personal and business as well as most recent profit and loss statement for

self-employed.

i.

Tax returns for two full years to include IRS Form 1040 Schedule E and current lease/rental agreements for all rentals.

j.

Income verification (2 years of W2’s, two recent paystubs, social security award letter, retirement annuity).

To satisfy legal requirements, please do not have any work started or have any materials delivered to the property prior to

closing on the loan.

RBFCU will finance up to 80% of the appraised value or the cost of construction plus the land value (whichever is the lesser).

We will order the appraisal, which will be based on the plans furnished by your builder and the value of the land. Your 20%

equity investment may consist of equity in your land or cash down. Your 20% investment will go into the project first and the

credit union’s 80% will be used last. (30% equity is required for certain builders.)

An origination fee will be charged at closing on all construction loans. A form survey is required prior to the completion of the foundation.

The borrower or the builder will need to notify the loan officer when the form boards are set prior to pouring the foundation. The surveyor

requires a minimum two week notice to schedule the appointment. After review and approval of the form survey, the builder may proceed

with construction. A final survey will be required once the construction has been completed.

Please ask your builder to furnish a draw schedule to the loan officer. Funds will be deposited in your account according to the schedule

after a qualified independent inspection is performed. Inspection fees and interest will be collected at the time of each draw. RBFCU will

retain 10% of the contract price from the last draw until completion of the construction.

You can send requested documents by Fax or Email:

FAX: 210-637-4156

_________________________________________ _________________________________________

. . .

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