Construction Loans

With all the choices you have to make when you’re building a new home, financing should be the least of your worries. Make the right choice and let Community First Bank handle your construction loan.

• No application fee
• Loan to value up to 95%*
• Six month maturity (may be extended at maturity)
• Interest payable only on the loan amount disbursed
• Owner pre-approves all loan draws
• All loan draws are handled through a qualified title company
• No fee for pre-qualifying construction loans
• Permanent mortgage financing is available through Community First Bank
  

*Over 80% loan to value requires a written take out commitment from permanent financing sources.

Community First Bank Application Checklist ...

• Two (2) year's W-2's from all income sources
• If self-employed - two (2) year's federal tax returns; including all schedules; personal and business. Also, a year-to-date profit and loss statement.
• Most recent pay stubs covering 30 days
• Mailing addresses for last 2 years
• Name, phone and mailing address of landlord for last 2 years
• Last month's bank statements - checking, savings or signed printout from bank as well as documentation on any IRAs, CDs, Mutual Funds, Stocks, Annuities and 401Ks
• Divorce decree if applicable
• Signed construction contract
• Signed offer to purchase lot, if applicable
• Title policy on lot if already owned
• Plans and specifications from builder
• Contractor's disbursement affidavit
• Bid for any work not provided in builder's contract
• Check to cover cost of appraisal

The Fast & Friendly service you receive at Community First Bank will make financing the least of your worries!

Make the Right Choice...  Community First Bank!

 

Call today (618) 234-9500. We look forward to being of service to you!