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   The only loan you need to build your home.

   

Your construction loan, permanent loan, and even your lot loan,
combined into one convenient, cost saving package....

Closing Draw / Equity Payment and Inspection Draws

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 Draws are based on the percentage of completion at each inspection
   
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 Funds are available from Borrower's equity payment and loan proceeds.
 
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 Borrower's equity will be paid out as the first draw, before the loan funds are advanced
   
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 Draws are normally funded within 72 hours of receipt of a signed Draw Request
   
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 Funds can be funds can be disbursed in the form of a wire, check, or deposit.
 
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 At closing, Borrower pays for 6 inspections
   
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 Equity Payment or Closing Draw: The difference owing when the cost of construction exceeds the loan amount and other credits will be collected from Borrower at closing. If Borrower / Builder wish to have draws made at closing to pay for builder soft cost, sales commissions, and / or closing costs paid by Builder, it must be in the Contract. Acceptable disbursement amounts are:

a) Real Estate Commission - Up to 7% of Contract
b) Builder Soft Costs - Up to 2.5% of Contract
c) Settlement Charges - Up to amount of allowable Seller Contributions
   
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 Specific documents required before draw disbursements:
 

a) 1st Draw: Foundation Survey & Building Permit
b) 2nd Draw: Flood Insurance Application - If Applicable
c) Final Draw: Final Survey, Final Inspection, Builder Warranty, Health Authority approval for well / septic, Home Owner Insurance Policy for one year, Flood Policy, Final Draw Request, Final Payment Affidavit, and Termite Inspection.
   
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400 Harvey Street • San Marcos, TX 78666-5504      Tel: 512-395-8800 • Toll Free: 800-411-4600