Paperwork, paperwork, and more paperwork

I spent a lot of time yesterday trying to figure out the steps to getting the financing for the construction loan and the permanent financing loan.

After talking with the banks we realize one decision that is necessary that we have not made yet is the builder. We are still looking at the quotes from 3 different builders. It is very difficult to compare because they do not all have the same items listed. After about an hour of looking at these, I realized we are going to have to go back to these builders and ask them to add the missing items so that we can truly compare. This has to be done before I finish filling out the loan paperwork for the bank.

The good item that came out of all my phone calls yesterday was a bank that will look at the value of all the land when determining the appraised value. They will loan us 85% of the total value of land and house combined. This means our equity in the land will be able to be used for that 15% that they would not loan us. We currently have 50% equity in the land.