Full Income Construction Checklist

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An application package for a construction loan must contain the following items prior to underwriting and written approval:

1. Construction Contract

2. Building Plans and   Specs

3.  Copy of deed or purchase contract for land

4.  Builders Questionnaire

5. Name, address and phone number of accountant

6. Name, address and phone number of attorney

7. Financial Information:

a) If Salaried, 2 years W-2’s and most current pay stubs for one month. If not salaried, 2 years tax returns (including corporate if applicable).

b) Most current 3 months bank / brokerage statements (all pages) for all personal accounts that you have.

8. If you own property / or rent:

a) Copy of your current mortgage bill showing escrows for taxes and insurance. If no mortgage, then a copy of the tax bill showing annual taxes and insurance bills showing annual premium.

b) If property is a condo / co-op, proof that maintenance is paid on time.

c) If you are a tenant / rent: 12 months canceled checks or a letter from the land lord / management showing that rent is paid on time.

d) Rental Properties: we need a copy of the lease agreement.

9. Application Fee: $600.00 check made payable to Hamptons Mortgage Corp.

10. Misc:

a) Letter explaining or proof of discharge for any and all derogatory credit terms

b) (if applicable) Copy of Divorce Decree or Separation Agreement.

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