An Overview of the lending process:
1. Pre-Qualification: This is not the same as applying for the loan, but gives an estimate of the loan amount the lender will provide. Pre-qualifying is recommended to help give a good idea of all available options.
2. Visit log home models and look at various floor plans to help make the decision of what home will best suit your needs. You can then work out the details of any modifications to the floor plans and get a sales price. Once the details have been worked out you can get a signed sales agreement to take to your lender.
3. Your lender will give you a list of all items which will be required for the loan. This usually includes the Application, documentation of assets, documentation of income, the sales agreement, legal description of the property and final house plans. This is just an general list your lender may require other information as well.
4. An Appraisal will be done to get the approximate value of your new home when it is completed. This will help determine load eligibility.
5.Once your loan is approved you must obtain the proper approvals and permits from your county or city zoning boards before construction can begin.
6. Construction loans are paid out in a series of draws according to a schedule set up by the lender. These draws pay for construction costs and any subcontractors.
7. When the home is complete the construction loan will be modified into a traditional mortgage.
Schutt Log Homes,LLC does not currently offer financing. We will be happy to assist our customers in any way possible to contact lenders and provide any information to the lender for the purpose of financing.
A few lenders we suggest:
Timberland Bank: 1-800-562-8761
Farm Credit Services: 1-800-444-3276
Wells Fargo: 1-858-863-3000
Chase Manhattan Bank: 1-866-293-1064
M&T Bank: 1-888-539-1160
Patrick Schutt Schutt Log Homes and Mill Works 816-506-5713 e-mail email@example.com