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.
Community First Bank offers low cost construction loans
*Over 80% LTV requires credit enhancements.
- No application fee
- 80% Loan to Value (LTV)*
- 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
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!