Documentation For Construction Loan
Basic Documentation:
Clear copy of social security card & driver’s license
W2 for past two years
Personal tax return for past two years (all pages)
Bank statement for past two years (all pages even if blank page)
Pay stub for past two months
If self employed:
Business tax returns for past two years (all pages)
CPA letter
Additional documents for constructions:
Blue prints/construction plans
Estimated construction costs
Licensed Contractor
Building permit
Minimal loan amount is $500K (total value of land and construction work), and minimal down payment for construction loan is 30%. So minimum project cost of $714K