|
(Pre-qualification
provides an estimated building budget
for the borrower)
-
Verbal - Borrowers verbally provide
their loan officer with income and
debt information. A building budget
amount is given at this time based
off of the provided information. Pre-qualification
is only as accurate as the information
provided by the borrower(s). No application
has been taken at this time.
-
Credit Report - The documented
payment history of anyone issued a
line of credit. For example: car loans,
student loans, credit cards, etc.
We recommend that borrowers allow
an American Log Mortgage loan officer
to review a credit report at the Pre-Qualification
stage. However, it is at the borrower's
discretion.
-
Time Table - Financing paperwork
is recommended to get underway about
60-90 days prior to breaking ground.
-
Loan Amount - The loan amount
provided in a pre-qualification takes
into consideration the construction
costs and land acquisition (if applicable).
Please be advised that if the loan
amount does not cover these expenses,
the borrowers need to show the proper
assets to cover the difference.
***It
is VERY IMPORTANT to note that a pre-qualification
is not a mortgage approval. The borrower(s)
must make a formal application and
an American Home Bank underwriter
must issue a mortgage commitment letter
that designates approval.***
|
