The building process usually takes 6-12 months and requires strong communication. It's essential to trust your builder's reliability and transparency. While My City Home Loans cannot recommend a contractor, we review the builder to ensure they meet our Builder Standards. Our acceptance does not guarantee their qualifications, competency, or reputation.
Required Information From Your Builder:
A copy of the building permits
A copy of the Builder’s License
A copy of the builder’s risk insurance
A builder information form, completed by the builder
A copy of the signed contract between you and the builder
A copy of the blueprint signed by you and the builder
A copy of the plans and specifications signed by you and the builder
A survey site map of the property indicating the proposed building site
A Sworn Statement provided by the builder to the title company and My City Home Loans listing a complete cost breakdown
Pre-Qualification for Financing
Obtaining pre-qualification is the first step toward building your new single family home that is either a primary or secondary residence. After submitting your application and required documentation, we will analyze your request and, if approved, provide an approval letter. This letter will assist you and your builder in determining the size and features of your home based on the amount of financing for which you qualify for.
Loan payments during the construction phase
You will receive a monthly billing statement. Your payment will be based on the outstanding balance drawn on your construction loan. The payment will be an interest only payment billed on the 1st of the month.
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