When you apply for a construction loan it’s very important to fill out all of the paperwork
We receive construction loan applications every day and one of the most important variables when filling out the application package is completing all of the details. You know the old saying “We cannot read your mind” well some how customers over the past few years have been trained that filling out the loan application completely is not that important. Well, the simple stated income days are over with at least for the next few years until technology figures out a better way to verify the imperfect means for qualifying customers ability to pay back their monthly mortgage payment. Im here to say that’s impossible because even if you applied for a fully documented loan with 2 years tax returns, paystubs, w’2s and a high paying job, if you get fired tomorrow you still cannot afford to pay the monthly mortgage payment. So, fill out every detail of your loan application package and the odds are with the help of your loan officer that you will be able to obtain the best possible loan that best fits your overall needs. Most importantly no one knows what monthly mortgage payment you can afford to make better than you so stick to your personal financial requirements and you should do fine.
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