Our preferred lenders have a team of processors and underwriters specifically for Built Green home buyers and is available for pre-approval and readily available to answer questions. A mortgage consultant will do a free, confidential review of your financial situation and advise you on the home loan that best suits your needs. There are a wide variety of products and different types of loans available. Our preferred lenders are familiar with our team and closing coordinator, offer competitive rates.
Items needed for a loan application may include W-2s from the last two years, current pay stubs with year to date earnings, statements for checking, savings, other bank or investment accounts, proof of monthly rental or mortgage payments, name of current or past employers. Two years of employment history is required.
Along with a credit report, lenders will often request a credit score (FICO) to help determine whether or not you are eligible for a loan. The score is a credit overview and is weighed by the following:
Loan Approval - Although some loans can be approved within 24 hours, the process typically takes 30-45 days. You will be notified by your lender who will also notify your sales agent so there will be no delay in the start of your new home.
It is not unusual in new construction to provide updated information prior to closing. Any changes in your financial situation could cause a delay in closing your loan.
Locking in Your Interest Rate - There are several options available when it comes time to lock-in to an interest rate.
The majority of our loan products are in the conforming loan category, meeting guidelines set forth by FNMA, FHLMC, FHA and VA. You can lock-in to a rate on one of these programs within 60 days of closing without a fee. But you must lock-in at least four business days prior to closing to avoid delay.
When it's time to lock-in your interest rate, confirm that the completion date of your new home is within the lock-in period you have selected. Even though an expected closing date may be confirmed, the seller is entitled per contract to extend the closing date and bears no responsibility for interest rates or the expiration of loan locks.
It is the borrower's responsibility to lock in the interest rate.
The loan closing for your new home will take place at the selected attorney's office after the home is complete and all inspections have been performed. One week prior to closing, you must provide proof that homeowners insurance is in place.
The closing attorney will prepare the closing package per your lender's instructions and 24 hours prior to closing will provide the borrower with the exact amount of money needed for closing.
Do not increase your debt by making any major purchases such as a car, furniture, or electronics.
Do not move funds between accounts.
Save all documentation on any deposits into your accounts.
Keep balances on all revolving accounts as low as possible.
Be sure payments on all current accounts are paid on time!