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Owner Builder Loan: Credit Approval |
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Getting Started |
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Credit Approval |
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In order to expedite your owner builder loan process, be ready to provide the following documentation to your lender representative. Usually, gathering all this documentation is the longest part of the owner builder loan approval process, so you can even start doing this before you have even spoken with a lender about your loan. The more organized you are, the quicker and easier the entire process will be. |
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Project Approval |
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Construction Draws |
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Fully completed pre-application (From your participating lender) |
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Pay stubs covering a 30 day period |
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W-2’s from the previous 2 years |
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Most recent 2 month’s statements for all assets accounts (checking, savings, money market, mutual funds, IRA’s, 401k, stocks, bonds, etc.) |
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Check for appraisal and credit report |
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If you are, self employed, partnership, commissioned or bonus income included we need 2 years personal tax returns |
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2 years corporate federal tax returns and year to date profit and loss balance sheet |
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Court Decrees regarding bankruptcy, divorce and judgment satisfactions |
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If you already have an accepted purchase agreement on a lot, your lender representative will need the following |
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Copy of the executed purchase agreement |
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Copy of the Earnest Money check |
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You will need a survey with location of house to be built prior to construction closing. (preliminary plot plan) |
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If you already own your lot, you should also gather the following documentation |
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Copy of the executed warranty deed |
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Copy of the closing statement, or HUD statement |
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Balance of money owed on the lot, if any |
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