Thursday, January 29, 2009

Building a New Home Part 3

After you have selected your builder and made the offer to purchase a lot, it's time to proceed with obtaining financing. You will want to visit with a loan officer before you start the process of building a home in order to get an idea of the loan amount you will qualify for. But ultimately they cannot move forward until you bring to them the REPC (real estate purchase contract). At this point your loan officer will begin the process of getting funding for you. You will need to fill out an application and provide documents such as your last two W-2's. Once you have filled out the application and provided the necessary documents, your loan officer will take it from there. The underwriter may request additional information along the way, which is normal. But generally you should be able to close your loan at around 30 days from when you first started the process.

Once your loan is closed and the lot is now in your name, it's time to begin drawing the house plans. This can often times take several months or even longer on larger, more complex homes which we'll discuss next time.

In the mean time, call me with any questions!

Kelly Anderson
801-416-3131 ext 101
2825 East Cottonwood Parkway
Suite 500
Salt Lake City Utah
Builder Director Salt Lake Home Builders Association
Winner Parade of Homes "Best of Show"

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