CONSTRUCTION LOAN PACKAGE CHECKLIST · CONSTRUCTION LOAN PACKAGE CHECKLIST. The following items...

CONSTRUCTION LOAN PACKAGE CHECKLIST The following items will be needed by the credit union to begin the construction loan approval process: FINANCIAL INFORMATION:

______ Personal financial statement {Application}

______ Pay stubs for the previous 30 day period

______ Prior two year’s tax returns {With W-2’s}

______ Last two months account statements {Checking, savings, stock & bond}

______ Prequalification letter {For long term financing}

______ Self employed borrowers with {Corporations, partnerships, LLC’s, LLP’s} • Business tax returns for the previous two years • Current balance sheet and profit and loss statement • Copy of valid photo identification

DISCLOSURE AND AUTHORIZATION:

______ Authorization to obtain credit information

______ Consumer construction loan notice

______ Notices and Disclosures for In-house Real Estate Loans CONSTRUCTION INFORMATION:

______ Estimate of construction costs {With supporting bids}

______ Plot plan

______ Materials description form

______ Blueprints / plans {Two sets}

______ Owner builder resume’ {If managing the project}

______ Copy of contractor’s license and business license and residential endorsement {If not managing

the project}

______ List of sub-contractors and suppliers

______ Construction time line

______ Earnest money agreement on lot {If applicable}

______ Proposed energy rating {Heat loss analysis}

______ Soils and percolation test {If applicable}

______ Zoning classification, architectural and CCR requirements

______ Well log and septic permit {With health authority approval}

______ Utility services {Available at the site}

______ Appraisal {“As proposed” credit union will order}

______ Proof of insurance {Hazard w/ course of construction or builders risk endorsement} Prior to

closing

______ Other: _________________________________________

COURSE OF CONSTRUCTION AND LONG TERM LOAN ITEMS NEEDED The following items will be needed during the course of the construction loan and shortly after the construction is completed to provide the long term financing for the project: DURING THE CONSTRUCTION LOAN PROCESS:

• Disbursement request forms {To pay for sub-contractors and suppliers} • Invoices {Save all invoices, may need to produce them during or after the construction loan} • Lien waivers {If applicable} • Credit union construction inspections {The credit union will make regular on site inspections

prior to construction disbursements} • Building inspections {Municipal inspections or ICC inspections will be required for the project}

The areas to be inspected are: ~ Plans and specifications ~ Footings and foundation ~ Rough in framing, plumbing, and electrical ~ Insulation and vapor barrier ~ Conditional ~ Final PRIOR TO LONG TERM LOAN CLOSING:

• Notice of completion {Filed 15 days prior to long term loan closing} • As-built survey • Final appraisal {Photos, recertification of value, completion of misc. work} • Final municipal or ICC inspection form {PUR 102} • Final thermal / energy certification {PUR 101} • Lien waivers {If applicable} • Homeowners insurance binder / policy {Mortgagee clause} • Any investor {Long term loan} special conditions satisfied • Escrow for completion {Seasonal related items due to weather, no health and safety issues

allowed} ADVISORY NOTE: This loan package has been assembled to assist you in understanding the complexity of an interim construction loan and to make it as easy as possible for you to gather the required documentation and knowledge to engage in this endeavor. Please be aware that the biggest pitfall in the interim construction process is the underestimating of both the costs and time involved to complete the project. Uncontrollable events and untimely delays will probably impact your project at some point. Having the adequate contingency built into the process for both cost and time overruns will be of paramount importance. You will also be required to have a sizable investment in the project in the form of either cash or land equity. In addition, you will need to show proof of sufficient assets {preferably in cash reserves} to cover potential cost overruns as well as long term closing costs with reserves for taxes and insurance. If you are uncomfortable with the scope of the project and its requirements, or you are unable to show your capacity to manage this type of endeavor, then it is suggested that you engage a general contractor to assist with your homes’ construction. You will still be able to control the purse strings with the credit union, but the contractor will assist you with all of the other aspects of the project. Please feel free to ask as many questions as needed from our credit union staff to help clarify any points of concern or confusion. We hope to make this complicated process as easy and understandable as possible for our members.

Uniform Residential Loan Application Freddie Mac Form 65 7/05 (rev.6/09) Page 1 of 5 Fannie Mae Form 1003 7/05 (rev.6/09)

Uniform Residential Loan Application ___________________________________________________________________________________________________________________________________________________________________ This application is designed to be completed by the applicant(s) with the Lender’s assistance. Applicants should complete this form as “Borrower” or “Co-Borrower,” as applicable. Co-Borrower information must also be provided (and the appropriate box checked) when the income or assets of a person other than the Borrower (including the Borrower’s spouse) will be used as a basis for loan qualification or the income or assets of the Borrower’s spouse or other person who has community property rights pursuant to state law will not be used as a basis for loan qualification, but his or her liabilities must be considered because the spouse or other person has community property rights pursuant to applicable law and Borrower resides in a community property state, the security property is located in a community property state, or the Borrower is relying on other property located in a community property state as a basis for repayment of the loan.

If this is an application for joint credit, Borrower and Co-Borrower each agree that we intend to apply for joint credit (sign below):

_________________________________________ _________________________________________ Borrower Co-Borrower

I. TYPE OF MORTGAGE AND TERMS OF LOANMortgage Applied for:

VA Conventional Other (explain): FHA USDA/Rural

Housing Service

Agency Case Number Lender Case Number

Amount $

Interest Rate %

No. of Months Amortization Type: Fixed Rate GPM

Other (explain): ARM (type):

II. PROPERTY INFORMATION AND PURPOSE OF LOANNo. of Units Subject Property Address (street, city, state & ZIP)

Legal Description of Subject Property (attach description if necessary) Year Built

Purpose of Loan Purchase Construction Other (explain): Refinance Construction-Permanent

Property will be: Primary Residence Secondary Residence Investment

Complete this line if construction or construction-permanent loan. Year Lot Acquired

Original Cost

$

Amount Existing Liens

$

(a) Present Value of Lot

$

(b) Cost of Improvements

$

Total (a + b)

$

Complete this line if this is a refinance loan. Year Acquired

Original Cost

$

Amount Existing Liens

$

Purpose of Refinance Describe Improvements

Cost: $

made to be made

Estate will be held in: Fee Simple

Title will be held in what Name(s) Manner in which Title will be held

Source of Down Payment, Settlement Charges, and/or Subordinate Financing (explain) Leasehold (show

expiration date)

Borrower III. BORROWER INFORMATION Co-Borrower Borrower’s Name (include Jr. or Sr. if applicable) Co-Borrower’s Name (include Jr. or Sr. if applicable)

Social Security Number Home Phone (incl. area code)

DOB (mm/dd/yyyy) Yrs. School Social Security Number Home Phone (incl. area code)

DOB (mm/dd/yyyy) Yrs. School

Dependents (not listed by Co-Borrower) Dependents (not listed by Borrower) Married Unmarried (include Separated single, divorced, widowed)

no. ages

Married Unmarried (include Separated single, divorced, widowed)

no. ages

Present Address (street, city, state, ZIP) Own Rent ____No. Yrs. Present Address (street, city, state, ZIP) Own Rent ____No. Yrs.

Mailing Address, if different from Present Address Mailing Address, if different from Present Address

If residing at present address for less than two years, complete the following:

Former Address (street, city, state, ZIP) Own Rent ____No. Yrs. Former Address (street, city, state, ZIP) Own Rent ____No. Yrs.

Borrower IV. EMPLOYMENT INFORMATION Co-Borrower Yrs. on this job Yrs. on this job Name & Address of Employer Self Employed

Yrs. employed in this line of work/profession

Name & Address of Employer Self Employed

Yrs. employed in this line of work/profession

Position/Title/Type of Business Business Phone (incl. area code) Position/Title/Type of Business Business Phone (incl. area code)

If employed in current position for less than two years or if currently employed in more than one position, complete the following:

Dates (from – to) Dates (from – to) Name & Address of Employer Self Employed

Monthly Income

$


Monthly Income

$

Position/Title/Type of Business Business Phone

(incl. area code)


(incl. area code)

Dates (from – to) Dates (from – to) Name & Address of Employer Self Employed

Monthly Income

$


Monthly Income

$


(incl. area code)


(incl. area code)

Base Empl. Income* $ $ $ Rent $

Overtime First Mortgage (P&I) $

Bonuses Other Financing (P&I)

Commissions Hazard Insurance

Dividends/Interest Real Estate Taxes

Net Rental Income Mortgage Insurance

Homeowner Assn. Dues Other (before completing, see the notice in “describe other income,” below) Other:

$ $ $ $ $

Notice:

B/C Monthly Amount

$

This Statement and any applicable supporting schedules may be completed jointly by both married and unmarried Co-Borrowers if their assets and liabilities are sufficiently joined so that the Statement can be meaningfully and fairly presented on a combined basis; otherwise, separate Statements and Schedules are required. If the Co-Borrower section was completed about a non-applicant spouse or other person, this Statement and supporting schedules must be completed about that spouse or other person also.

Completed Jointly Not Jointly

Description Cash deposit toward purchase held by:

$

List the creditor’s name, address, and account number for all outstanding debts, including automobile loans, revolving charge accounts, real estate loans, alimony, child support, stock pledges, etc. Use continuation sheet, if necessary. Indicate by (*) those liabilities, which will be satisfied upon sale of real estate owned or upon refinancing of the subject property.

List checking and savings accounts below

Name and address of Bank, S&L, or Credit Union Name and address of Company $ Payment/Months $

Acct. no. $ Acct. no.







Stocks & Bonds (Company name/ number & description)

$ Name and address of Company $ Payment/Months $

Acct. no.

$ Name and address of Company $ Payment/Months $Life insurance net cash value

Face amount: $

$

Real estate owned (enter market value from schedule of real estate owned)

$

Vested interest in retirement fund $

Net worth of business(es) owned

(attach financial statement)

$

Acct. no.

$Alimony/Child Support/Separate Maintenance Payments Owed to:

$Automobiles owned (make and year)

$ Job-Related Expense (child care, union dues, etc.) $Other Assets (itemize)

$ $$ Net Worth

(a minus b)

(If additional properties are owned, use continuation sheet.)

Property Address (enter S if sold, PS if pending sale or R if rental being held for income) Type of

Property Present

Market Value

Amount

of Mortgages

& Liens

Gross

Rental Income

Mortgage Payments

Insurance, Maintenance,

Taxes & Misc.

Net Rental Income

$ $ $ $ $ $

Totals $ $ $ $ $ $

Alternate Name Creditor Name Account Number

a. Purchase price $

b. Alterations, improvements, repairsa. Are there any outstanding judgments against you?

c. Land (if acquired separately) b. Have you been declared bankrupt within the past 7 years?

d. Refinance (incl. debts to be paid off) c. Have you had property foreclosed upon or given titleor deed in lieu thereof in the last 7 years?

e. Estimated prepaid items d. Are you a party to a lawsuit?

f. Estimated closing costs

g. PMI, MIP, Funding Fee

h. Discount (if Borrower will pay)

i. Total costs (add items a through h)

e. Have you directly or indirectly been obligated on any loan which resulted in foreclosure, transfer of titlein lieu of foreclosure, or judgment?

(This would include such loans as home mortgage loans, SBA loans, home improvement loans, educational loans, manufactured (mobile) home loans, any mortgage, financial obligation, bond, or loan guarantee. If “Yes,” provide details, including date, name, and address of Lender, FHA or VA case number, if any, and reasons for the action.)

VII. DETAILS OF TRANSACTION VIII. DECL4R4TIONS

If you answer "Yes" to any question a through i, please use Borrower Co-Borrower

j. Subordinate financing continuation sheet for explanation. Yes No Yes No

f. Are you presently delinquent or in default on any Federal debt or any other loan, mortgage, financial obligation, bond,

k. Borrower's closing costs paid by or loan guarantee?Seller g. Are you obligated to pay alimony, child support, or

separate maintenance? h. Is any part of the down payment borrowed?

I. Other Credits ( explain) i. Are you a co-maker or endorser on a note?

m. Loan amount ( exclude PMI, MIP, Funding Fee financed)

j. Are you a U.S. citiz.en?

n. PMI, MIP, Funding Fee financed k. Are you a permanent resident alien?

0. Loan amount I. Do you intend to occupy the property as your primary

(add m&n) residence?

If Yes," complete question m below. p. Cash from/to Borrower

(subtract j, k, 1 & o from i)m. Have you had an ownership interest in a property in the last

three years? (1) What type of property did you own-----principal resideoce (PR), second home (SH), or investmeot property (IP)? (2) How did you hold title to the home- hy yourself (S), jointly with your spouse (SP), or jointly with another person (O)?

IX. ACKNOWLEDGEMENT AND AGREEMENT

Each of the undersigned specifically represents to Leoder and to Lender's actual or potential agents, brokers, processors, attorneys, insurers, servicers, successors and assigns and agrees and acknowledges that: (1) the information provided in this application is true and correct as of the date set forth opposite my signature and that any intentional or negligent misrepresentation of this information contained in this application may result in civil liability, including monetary damages, to any person who may suffer any loss due to reliance upon any misrepresentation that I have made on this application, and/or incriminal peoalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Sec. 1001, et seq.; (2) the loan requested pursuant to this application (the "Loan") will be secured hy a mortgage or deed of trust on the property described in this application; (3) the property will not be used for any illegal or prohibited purpose or use; ( 4) all statements made in this application are made for the purpose of obtaining a residential mortgage loan; (5) the property will be occupied as indicated in this application; (6) the Lender, its servicers, successors or assigns mayretain the original and/or an electronic record of this application, whether or not the Loan is approved; (7) the Lender and its agents, brokers, insurers, servicers, successors, and assigns may continuously rely on the information contained in the application, and I am obligated to ameod and/or supplement the information provided in this application if any of the material facts that I have represented herein should change prior to closing of the Loan; (8 ) in the event that my payments on the Loan become delinqueot, the Lender, its servicers, successors or assigns may, in addition to any other rights and remedies that it may have relating to such delinquency, report my name and account information to one or more consumer reporting agencies; (9) ownership of the Loan and/or administration of the Loan account may be tra nsferred with such notice as m ay be require d hy law; (10) neither Lender nor i ts ageots, brokers, insurers, servicers, successors or assigns has made any represeotation or warranty, express or implied, to me regarding the property or the condition or value of the property; and (11) my transmission of this application as an "electronic record" containing my" electronic signature," as those terms are defmed in applicable federal and/or state laws (excluding audio and video recordings), or my facsimile transmission of this application containing a facsimile of my s ignature, shall be aseffective, enforceable and valid as if a paper version of this application were delivered containiog my original written signature.

Acknowledgement. Each of the undersigned hereby acknowledges that any owner of the Loan, its servicers, successors and assigns, may verify or reverify any information contained in this application or_ obtain any information or data relating to the Loan, for any legitimate business purpose through any source, including a source named in this application or a consumer reporting agency.

Borrower's Signature X

Loan Originator's Signature

X

Loan Originator's Name (print or type)

Loan Origination Company's Name

Uniform Residential Loan Application

Freddie Mac Form 65 7/05 (rev.6/09)

I Date

I �-Borrower's Signature

I Date

Date

Loan Originator Identifier Loan Originator's Phone Number (including area code)

Loan Origination Company Identifier Loan Origination Company's Address

Page 4 ofS Fannie Mae Form 1003 7/05 (rev.6/09)

Uniform Residential Loan Application Freddie Mac Form 65 7/05 (rev.6/09) Page 5 of 5 Fannie Mae Form 1003 7/05 (rev.6/09)

CONTINUATION SHEET/RESIDENTIAL LOAN APPLICATION

Borrower: Agency Case Number: Use this continuation sheet if you need more space to complete the Residential Loan Application. Mark B f or Borrower or C for Co-Borrower.

Co-Borrower: Lender Case Number:

______________________________________________________________________________________________________________________________________________ I/We fully understand that it is a Federal crime punishable by fine or imprisonment, or both, to knowingly make any false statements concerning any of the above facts as applicable under the provisions of Title 18, United States Code, Section 1001, et seq.

Borrower’s Signature X

Date Co-Borrower’s SignatureX

Date

Demographic Information Addendum. This section asks about your ethnicity, sex, and race.

Demographic Information of Borrower

The purpose of collecting this information is to help ensure that all applicants are treated fairly and that the housing needs of communities and neighborhoods are being fulfilled. For residential mortgage lending, Federal law requires that we ask applicants for their demographic information (ethnicity, sex, and race) in order to monitor our compliance with equal credit opportunity, fair housing, and home mortgage disclosure laws. You are not required to provide this information, but are encouraged to do so. You may select one or more designations for "Ethnicity" and one or more designations for "Race." The law provides that we may not discriminate on the basis of this information, or on whether you choose to provide it. However, if you choose not to provide the information and you have made this application in person, Federal regulations require us to note your ethnicity, sex, and race on the basis of visual observation or surname. The law also provides that we may not discriminate on the basis of age or marital status information you provide in this application. If you do not wish to provide some or all of this information, please check below.

Ethnicity: Check one or more

D Hispanic or Latino D Mexican D Puerto Rican D Cuban D Other Hispanic or Latino -Print origin:

For example: Argentinean, Colombian, Dominican, Nicaraguan, Salvadoran, Spaniard, and so on.

D Not Hispanic or Latino D I do not wish to provide this information

Sex

D Female D Male D I do not wish to provide this information

Race: Check one or more

D American Indian or Alaska Native - Print name of enrolled

or principal tribe: _________________ _

D Asian D Asian Indian D Chinese D Japanese D Korean D Other Asian - Print race:

D Filipino D Vietnamese

--------------

For example: Hmong, Laotian, Thai, Pakistani, Cambodian, and so on.

D Black or African American D Native Hawaiian or Other Pacific Islander

D Native Hawaiian D Guamanian or Chamorro D Samoan D Other Pacific Islander - Print race:

For example: Fijian, Tongan, and so on.

D White

D I do not wish to provide this information

To Be Completed by Financial Institution (for application taken in person):

Was the ethnicity of the Borrower collected on the basis of visual observation or surname? Was the sex of the Borrower collected on the basis of visual observation or surname? Was the race of the Borrower collected on the basis of visual observation or surname?

The Demographic Information was provided through:

ONO OYES ONO OYES ONO OYES

0 Face-to-Face Interview (includes Electronic Media w/Video Component) OTelephone Interview O Fax or Mail O Email or Internet

Borrower Name:. __________________ _ Uniform Residential Loan Application Freddie Mac Form 65 • Fannie Mae Form 1003 Revised 09/2017

Demographic Information Addendum. This section asks about your ethnicity, sex, and race.

Demographic Information of Borrower

The purpose of collecting this information is to help ensure that all applicants are treated fairly and that the housing needs of communities and neighborhoods are being fulfilled. For residential mortgage lending, Federal law requires that we ask applicants for their demographic information (ethnicity, sex, and race) in order to monitor our compliance with equal credit opportunity, fair housing, and home mortgage disclosure laws. You are not required to provide this information, but are encouraged to do so. You may select one or more designations for "Ethnicity" and one or more designations for "Race." The law provides that we may not discriminate on the basis of this information, or on whether you choose to provide it. However, if you choose not to provide the information and you have made this application in person, Federal regulations require us to note your ethnicity, sex, and race on the basis of visual observation or surname. The law also provides that we may not discriminate on the basis of age or marital status information you provide in this application. If you do not wish to provide some or all of this information, please check below.

Ethnicity: Check one or more

D Hispanic or Latino D Mexican D Puerto Rican D Cuban D Other Hispanic or Latino -Print origin:

For example: Argentinean, Colombian, Dominican, Nicaraguan, Salvadoran, Spaniard, and so on.

D Not Hispanic or Latino D I do not wish to provide this information

Sex

D Female D Male D I do not wish to provide this information

Race: Check one or more

D American Indian or Alaska Native - Print name of enrolled

or principal tribe: _________________ _

D Asian D Asian Indian D Chinese D Japanese D Korean D Other Asian - Print race:

D Filipino D Vietnamese

--------------

For example: Hmong, Laotian, Thai, Pakistani, Cambodian, and so on.

D Black or African American D Native Hawaiian or Other Pacific Islander

D Native Hawaiian D Guamanian or Chamorro D Samoan D Other Pacific Islander - Print race:

For example: Fijian, Tongan, and so on.

D White

D I do not wish to provide this information

To Be Completed by Financial Institution (for application taken in person):

Was the ethnicity of the Borrower collected on the basis of visual observation or surname? Was the sex of the Borrower collected on the basis of visual observation or surname? Was the race of the Borrower collected on the basis of visual observation or surname?

The Demographic Information was provided through:

ONO OYES ONO OYES ONO OYES

0 Face-to-Face Interview (includes Electronic Media w/Video Component) OTelephone Interview O Fax or Mail O Email or Internet

Co-Borrower Name:. __________________ _ Uniform Residential Loan Application Freddie Mac Form 65 • Fannie Mae Form 1003 Revised 09/2017

Building Better Financial Futures! Palmer • Wasilla • Willow • Eagle River • Big Lake • Seward Meridian • Sunshine • Hawaii

This credit union is federally insured by the National Credit Union Administration. NMLS #418470

WASILLA501 N. Main St., Ste. 120

Wasilla, AK 99654Ph: (907) 745-9165

Fax: (907) 745-9168

PALMER1020 S. Bailey St.

Palmer, AK 99645 Ph: (907) 745-9165

Fax: (907) 745-9115

EAGLE RIVER1180 Business Blvd.

Eagle River, AK 99577 Ph: (907) 694-4633

Fax: (907) 694-7701

HAWAII94-144 Farrington Hwy., Ste. 114

Waipahu, HI 96797 Ph: (808) 208-0320 Fax: (808) 677-6208

REAL ESTATE AND COMMERCIAL LENDING

www.mvfcu.coop

Name: Date of Birth:

Date of Birth

Mailing Address:

Physical Address:

Name:

AUTHORIZATION TO OBTAIN CREDIT and/or PAYOFF INFORMATION I hereby grant permission to MATANUSKA VALLEY FEDERAL CREDIT UNION (MVFCU) to obtain any and all

information deemed necessary to process my real estate or mortgage loan application. This information includes, but is not limited to, my present and past employment status, my deposit accounts, my present and past consumer credit record, my mortgage and/or rent payment records, and payoff information on any of my existing loans.

I also authorize my creditors and employers to release to any credit bureau and/or to any employee or representative of the MATANUSKA VALLEY FEDERAL CREDIT UNION telephonically, as well as in writing, any information they may require, including data on my current and previous credit history, employment and income, and payoff information. My authorization to release payoff information (including but not limited to the principal balance, interest owed, per diem, and additional charges due upon payoff) extends to any title company. I/we authorize a fax fee and/or other charges as necessary to produce a requested payoff statement.

I also grant permission to accept a photographic copy of this form containing my signature to obtain or provide any information regarding the items mentioned above.

__________________________________________________________________________________________________ Borrower’s Signature Social Security Number Date

__________________________________________________________________________________________________ Co-Borrower’s Signature Social Security Number Date

EQUAL CREDIT OPPORTUNITY ACT: The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (with certain limited exceptions); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning MVFCU is the:

NATIONAL CREDIT UNION ADMINISTRATION (NCUA) Office of Examination and Insurance

Alexandria, VA. 22314-3428

MVFCU NOTICES AND DISCLOSURES for MVFCU In-House Real Estate Loans

Thank you for applying for a Real Estate loan with Matanuska Valley Federal Credit Union (MVFCU). The following Notices and Disclosures are provided to help you better understand the law and the practices we follow.

NOTICE REQUIRED UNDER EQUAL CREDIT OPPORTUNITY ACT The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (with certain limited exceptions); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning MVFCU is: National Credit Union Administration (NCUA) Office of Examination and Insurance Alexandria, VA. 22314-3428.

FAIR LENDING NOTICE It is illegal to discriminate in the provision of or in the availability of financial assistance because of the consideration of: (1) Trends, characteristics of conditions in the neighborhood or geographical area surrounding a housing accommodation, unless the financial institution can demonstrate in the particular case that such a consideration is required to avoid an unsafe and unsound business practice; or (2) Race, color, religion, sex, marital status, national origin or ancestry. It is illegal to consider the racial, ethnic, religions or national origin composition of a neighborhood or geographical area surrounding a housing accommodation or whether or not, under what terms and conditions to provide financial assistance. These provisions govern financial assistance for the purpose of the purchase, construction, rehabilitation or refinancing of one to four unit family residences occupied by the owner/borrower. If you have any questions about your rights or you wish to file a complaint, contact the General Manager of MVFCU or: National Credit Union Administration (NCUA) Office of Examination and Insurance Alexandria, VA. 22314-3428.

NOTICE REGARDING THE FAIR AND ACCURATE CREDIT TRANSACTIONS ACT OF 2003 (FACT ACT)

In accordance with the Fair and Accurate Credit Transactions Act of 2003 (FACT Act) we are advising you that we may report information about your loan account to consumer reporting agencies or credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.

Initials: _________ __________

Page 1 of 3

CREDIT SCORE NOTICE

In connection with your application for a home loan or real estate loan and in compliance with the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), Matanuska Valley Federal Credit Union (MVFCU) must disclose to you the credit score that a consumer credit agency has distributed to MVFCU and that MVFCU used in connection with your loan application, as well as the key factors affecting your credit score(s). The Disclosure of Credit Score Information will be provided to you once we obtain your credit report. One or more of the following consumer reporting agencies will provide the credit score:

Experian (XPN) Trans Union (TUC) Equifax (EFX) PO Box 2002 PO Box 1000 PO Box 740241 Allen, Tx. 75013 Chester, PA. 19022 Atlanta, GA. 30374 1-(888) 397-3742 1-(800) 916-8800 1-(800) 685-1111

EMPLOYMENT AND FINANCIAL STATUS CERTIFICATION A loan approval is based upon employment, income, obligations and collateral as shown on the loan application and supporting documentation. You are required to advise us immediately should anything regarding your income, credit, debts and obligations, and condition of your property or property title change prior to the closing and recording of your loan. If you close your loan without reporting such changes your loan could be considered in default.

NOTICE REGARDING FEES & CHARGES INCURRED DURING PROCESSING OF YOUR LOAN APPLICATION

Any fees paid at application or during the processing of your loan will be non-refundable unless the fee was for a specific report or service that had not yet been ordered or performed. During the processing of your loan application MVFCU will order a preliminary title search report. The fee charged by all title insurance companies for this title search is $250. We may also order a flood hazard determination that involves a charge of $15. If you fail to close your loan request with us in a timely manner after the title report and/or flood hazard determination have been obtained you will be required to pay the incurred charges.

BORROWERS CHOICE OF HAZARD INSURANCE PROVIDER You have the right to choose the carrier of the required hazard insurance, subject to approval by MVFCU. MVFCU has the right to designate reasonable financial requirements and adequacy of coverage. All required insurance must be in effect at closing. Your closing may be delayed if you have not advised MVFCU of your selected insurance agent at least 3 days prior to closing. HAZARD INSURANCE: Hazard insurance coverage is required for at least the amount of the total mortgage indebtedness including other mortgage loans against your home. The maximum allowable deductible is $1,000.

Initials: _________ __________

Page 2 of 3

EARTHQUAKE INSURANCE: Earthquake insurance is not required by MVFCU. Damage related to earthquake is not included in Hazard Insurance coverage. You should consult with your insurance agent on questions related to this or other hazard insurance coverage. FLOOD INSURANCE: If it is determined that the property securing your loan is located in a special flood hazard boundary area you will be advised and flood insurance coverage equal to at least the amount of the loan will be required. In accordance with the requirements of the National Flood Insurance Program, any required Flood Insurance coverage must be paid in advance for 1 year and must be in effect before your loan can close.

PROPERTY TAXES AND HAZARD INSURANCE PREMIUMS

WILL NOT BE INCLUDED IN YOUR PAYMENT Property taxes and Hazard Insurance will not be collected nor managed by MVFCU as part of your loan payment. You are responsible to pay these costs in a timely manner when they come due. If MVFCU determines that property hazard insurance or flood insurance has lapsed we can and will force-place an insurance policy that provides coverage solely for property damage. You will be charged for all insurance coverage that MVFCU is forced to place. If property taxes or other government assessments are not paid they can create a lien against your property. In order to maintain and protect our lien position MVFCU can pay these charges and will then add those amounts to the total balance owing on your loan.

ACKNOWLEDGEMENT and AGREEMENT The interest rate and fees or charges reflected in the loan application and Good Faith Estimate are those that are in effect for the requested loan program on the day of application or disclosure. MVFCU makes no promise at this point that your loan application will be approved or closed. By signing below, I agree that MVFCU is not responsible for any issues that may result as a denial of my loan request. I understand that failure to provide requested information or documentation in a timely manner may result in a denial of my loan application. ________________________________________/__________________ Applicant’s signature Date ________________________________________/__________________ Applicant’s signature Date ________________________________________/__________________ Applicant’s signature Date

Page 3 of 3

BUILDER’S RESUME FOR THE OWNER BUILDER

OWNER BUILDER: NAME: ________________________________________________________ ACCOUNT NO.: ___________________ PHONE NO: ____________________________________ CELL NO: _______________________________________ ADDRESS: ________________________________________________________________________________________ BUILDING PERMIT: ___________________________________ BUILDING HISTORY: ARE YOU CURRENTLY OR HAVE YOU EVER BEEN EMPLOYED IN THE CONSTRUCTION INDUSTRY? YES NO YEARS OF EXPERIENCE: ____________________ EXPERIENCE: FRAMING ELECTRICAL PLUMBING CONCRETE

ROOFING EXCAVATION MASONRY FLOORING/TILE BLUE-PRINT DESIGN FINISH WORK OTHER

OTHER RELATED EXPERIENCE: ___________________________________________________________________________________________________ ___________________________________________________________________________________________________ ___________________________________________________________________________________________________ ___________________________________________________________________________________________________ SUMMARY OF EDUCATION: ___________________________________________________________________________________________________ ___________________________________________________________________________________________________ ___________________________________________________________________________________________________ (Please attach all certificates)

Initials: _________ __________

Page 1 of 2

BUILDER’S RESUME FOR THE OWNER BUILDER

NUMBER OF HOMES BUILT PREVIOUSLY: WHEN: __________________________ IMPROVEMENTS: DESCRIBE CURRENT IMPROVEMENTS TO YOUR CONSTRUCTION LOCATION (i.e. WELL AND SEPTIC INSTALLATION, COMPLETE THOROUGH FRAMING, ETC.) ___________________________________________________________________________________________________ ___________________________________________________________________________________________________ ___________________________________________________________________________________________________ ___________________________________________________________________________________________________

AUTHORIZED SIGNER: _________________________________________________ DATE: ____________________ AUTHORIZED SIGNER: _________________________________________________ DATE: ____________________ Page 2 of 2

ESTIMATE OF CONSTRUCTION COST Member / Builder ______________________________________________________________________________________

Property Address ______________________________________________________________________________________

Legal Description ______________________________________________________________________________________

LAND COSTS Land Payoff ($______________) Land Costs $______________

Total $______________

PLAN AND PERMIT ESTIMATES Plans/Permits $______________ Engineering $______________ Inspections $______________ As-Built Survey $______________

Total $______________

SITE PREPARATION ESTIMATES Water/Well $______________ Sewer/Septic $______________ Excavation $______________

Total $______________

FOOTINGS / FOUNDATION / CONCRETE ESTIMATES Footings/Foundation $______________ Water Proofing $______________ Inside Concrete $______________ Asphalt $______________

Total $______________ FRAMING ESTIMATES Framing Package $______________ Siding/Exterior Painting $______________ Roofing $______________ Framing Labor $______________

Total $______________ MILLWORK ESTIMATES Exterior Doors/Windows/Trim $______________ Garage Doors $______________ Interior Doors/Trim $______________ Finish Labor $______________

Total $______________

PLUMBING/HEATING/ VENTILATION ESTIMATES Rough In $______________ Finish $______________ Heating $______________ Ventilation $______________

ELECTRICAL ESTIMATES Rough In $______________ Finish/Light Fixtures $______________ Specialty Wiring/Equipment $______________

Total $______________

INTERIOR COMPLETION ESTIMATES Insulation/Vapor Barrier $______________ Sheetrock/Texture $______________ Cabinets $______________ Countertops $______________ Floor Coverings $______________ Fireplace Rough In/Finish $______________ Hardware $______________ Interior Painting/Finish Details$______________ Appliances $______________ Finish Labor $______________ Other $______________

Total $______________

MISCELLANEOUS ESTIMATES Contingency $______________ Other $______________ Other $______________ Other $______________

Total $______________

FINANCING COST ESTIMATES Const. Loan Origination Fee $______________ Interest Expense $______________ Closing Costs $______________

(Title Insurance, Recording Costs, Etc) Appraisal $______________ Construction Insurance $______________

Total $______________

Total Estimated Construction Costs $______________

Date ______________ Member(s) Signature(s) _____________________________________________________________

Date ______________ Member(s) Signature(s) _____________________________________________________________

Total $______________

MATERIALS DESCRIPTION

Member / Builder _____________________________________________________________________________________

Property Address _____________________________________________________________________________________

Legal Description _____________________________________________________________________________________

Proposed Construction Under Construction

FOOTINGS AND FOUNDATION

FOOTINGS Type Perimeter Monoslab Pilings

Material Concrete AWW Steel

Reinforcing Rebar Size _______________________ Additional Info _____________________________________________________

FOUNDATION Material Block Concrete AWW ICF BlockReinforcing Rebar Size ___________________________________

Water Proofing Material _________________________________________________________________________________________

Insulation Type ____________________________ Additional Information ______________________________________________

FRAMING

FLOOR FRAMING Floor Joist Material _____________________________________________________________________________________________

Size and Spacing _______________________________________________________________________________________________

Sub-Flooring Material ___________________________________________________________________________________________

Additional Information __________________________________________________________________________________________

EXTERIOR WALL FRAMING Framing Material _______________________________________________________________________________________________

Sheathing Material _____________________________________________________________________________________________

House Wrap Material ____________________________________________________________________________________________

Siding Material _________________________________________________________________________________________________

Exterior Trim Material ___________________________________________________________________________________________

INTERIOR PARTITION FRAMING Framing Material _______________________________________________________________________________________________

Size and Spacing _______________________________________________________________________________________________


ROOF FRAMING Rafter Material _________________________________________________________________________________________________

Size and Spacing _______________________________________________________________________________________________

Truss Material _________________________________________________________________________________________________

Spacing and Location ___________________________________________________________________________________________

Sheathing Material _____________________________________________________________________________________________

Underlayment Material _________________________________________________________________________________________

Roofing Material ______________________________________________________________________________ Grade __________

Gutters and Downspouts ________________________________________________________________________________________

Page 1 of 4

MILLWORK

FINISH PLUMBING Kitchen Sink Make ________________________________ Faucet ____________________________________

Bathroom Sink Make ________________________________ Faucet ____________________________________

Bath Tub Make ________________________________ Faucet ____________________________________

Shower Stall Make ________________________________ Faucet ____________________________________

Lavatory Make ________________________________ Faucet ____________________________________

Other (Describe) _______________________________________________________________________________________________

HEATING Fuel Type Gas Oil Propane Electric Wood Other _____________________

System Type Forced Air Radiant Floor HWBB Panel Other _____________________

Furnace / Boiler Make and Model _________________________________________________________ Efficiency _____________%

MECHANICAL VENTILATION EQUIPMENT Make and Model _______________________________________________________________________________________________

Additional Information _________________________________________________________________________________________


EXTERIOR DOORS AND WINDOWS Main Entrance Door Type ______________________________________________ Material _______________________________

Other Door Types ____________________________________________________ Material _______________________________

Garage Door Type _____________________________________________________ Material _______________________________

Window Type _______________________________ Material: Wood Vinyl Other ________________

Heat Mirror ArgonGlass Panes : 1 2 3 Low E Screens


INTERIOR DOORS AND TRIM Door Type ________________________________________________________ Material __________________________________

Door and Base Trim Type ___________________________________________ Material __________________________________

Finish Coatings _______________________________________________________________________________________________


PLUMBING/HEATING/VENTILATIONPLUMBING Information ___________________________________________________________________________________________ Water Supply Public Private Community SystemSewage Disposal Public Private Community System

House Drains ABS Cast Iron Other _______________________________________

Water Supply Copper Plastic Other _______________________________________

Water Heater Type ______________________________________________ Make & Model _________________________________

Panel Amps ___________________________________________________________________________ No. of Circuits: ___________

Page 2 of 4

Special Wiring: Cable Phone Computer Sec. System Other _________________________

Additional ____________________________________________________________________________________________________

LIGHTING FIXTURES Total No. Of Fixtures ____ Approximate Allowance per Fixture: $ Specialty Lighting (Describe) ______________________________

INTERIOR

INSULATION AND VAPOR BARRIER Roof Insulation Type ______________________________________________________________ R-Value _____________________

Ceiling Insulation Type ____________________________________________________________ R-Value _____________________

Wall Insulation Type ______________________________________________________________ R-Value ______________________

Floor Insulation Type ______________________________________________________________ R-Value ______________________

Vapor Barrier Type _________________________________________________________________ Mill __________________________

WALL AND CEILING TREATMENT

Material for Ceiling Finish Drywall Wood Other

Finish Treatment Texture Smooth Other Decorating Describe (Paint, Wall Paper, Etc) ________________________________________________________________________


CABINETS AND COUNTER TOPS Kitchen Cabinet Type ______________________________________ Material _____________________________________________

Bathroom Cabinet Type ____________________________________ Material _____________________________________________

Counter Top Type _________________________________________ Material _____________________________________________

Other Cabinets / Built Ins _________________________________________________________________________________________


FINISH FLOORS Kitchen Material ________________________________________________________________ Price Per Sq. Yard $ ______________

Bath Material __________________________________________________________________ Price Per Sq. Yard $ ______________

Living Room Material ____________________________________________________________ Price Per Sq. Yard $ ______________

Bed Rooms Material _____________________________________________________________ Price Per Sq. Yard $ ______________

Other ____________________________ Material _____________________________________ Price Per Sq. Yard $ ______________


STAIRS Stair Finish Wood Carpet Other ___________________________________________________Material Type ________________________________________________________________________________________________



Material for Wall Finish Drywall Wood Other

ELECTRICAL

WIRING Service: Overhead Underground Generator

Panel Amps ___________________________________________________________________________ No. of Circuits: ___________

Page 3 of 4

MISCELLANEOUS ITEMS

Fireplace or Wood Stove _________________________________________________________________________________________

Specialty Equipment ____________________________________________________________________________________________

Porches/Decks/Out Bldgs ________________________________________________________________________________________

Landscaping, Plantings, and Finish Grade ___________________________________________________________________________

Other _________________________________________________________________________________________________________

______________________________________________________________________________________________________________ Date Applicant Signature

______________________________________________________________________________________________________________ Date Co-Applicant Signature


HARDWARE Make, Model and Finish _________________________________________________________________________________________

APPLIANCES Kitchen Oven / Range Make and Model ____________________________________________________________________________

Dishwasher Make and Model ___________________________________________________________________________________

Microwave Make and Model ____________________________________________________________________________________

Compacter __________________________________________________________________________________________________

Garbage Disposal ____________________________________________________________________________________________

Page 4 of 4

LIST OF SUB-CONTRACTORS AND SUPPLIERS Member / Builder ______________________________________________________________________________________

Property Address ______________________________________________________________________________________

Legal Description ______________________________________________________________________________________

COMPONENT NAME PHONE NO.

Plans ________________________________________________ ____________________

Building Inspections ________________________________________________ ____________________

Engineering ________________________________________________ ____________________

Well ________________________________________________ ____________________

Septic ________________________________________________ ____________________

Excavation ________________________________________________ ____________________

Concrete Supplier ________________________________________________ ____________________

Concrete Labor ________________________________________________ ____________________

Lumber Package ________________________________________________ ____________________

Framing Labor ________________________________________________ ____________________

Windows / Doors ________________________________________________ ____________________

Garage Door ________________________________________________ ____________________

Roofing ________________________________________________ ____________________

Plumbing Rough In ________________________________________________ ____________________

Finish Plumbing Supplier ________________________________________________ ____________________

Ventilation System ________________________________________________ ____________________

Electrical Rough In ________________________________________________ ____________________

Electrical Supplier ________________________________________________ ____________________

Insulation / Vapor Barrier ________________________________________________ ____________________

Drywall / Textures ________________________________________________ ____________________

Interior / Exterior Painting ________________________________________________ ____________________

Cabinet / Counter Top Supplier ________________________________________________ ____________________

Finish Labor ________________________________________________ ____________________

Floor Coverings ________________________________________________ ____________________

Appliances ________________________________________________ ____________________

________________________________________________ ____________________

________________________________________________ ____________________

________________________________________________ ____________________

Date _________ Member(s) Signature(s) _______________________________________________________________

Date _________ Member(s) Signature(s) _______________________________________________________________

CONSTRUCTION TIME LINE WORK TO COMPLETE MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 MONTH 7 MONTH 8 MONTH 9 MONTH 10 MONTH 11 MONTH 12

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4

PLANS / PERMITTING

WELL / WATER

SEPTIC / SEWER

EXCAVATION

FOOTINGS / FOUNDATION

INSIDE CONCRETE

FRAMING

ROOFING

EXTERIOR DOORS / WINDOWS

SIDING / EXTERIOR PAINT

ROUGH IN PLUMBING

ROUGH IN MECHANICAL

ROUGH IN ELECTRICAL

INSULATION / VAPOR BARRIER

SHEETROCK / TAPE / TEXTURE

INTERIOR PAINT

INTERIOR DOORS / TRIM

CABINETS / COUNTERTOPS

FINISH FLOORING

FINISH PLUMBING

FINISH ELECTRICAL

PUNCH OUT

NOTICE OF COMPLETION

LONG-TERM LOAN CLOSING

(BAR GRAPH)

REAL ESTATE & COMMERCIAL LENDING

501 N Main St., Ste 120 Wasilla, Alaska 99654

907) 745-9165 Fax: (907) 745-9168

ENVIRONMENTAL CONCERNS QUESTIONNAIRE www.mvfcu.coop

MVFCU STAFF COMPLETION ONLY: DEC Contaminated Site Search Completed Date: _____________ Initials: ______________

This Environmental Questionnaire is used to assist in the loan process. Review and complete the form in its entirety. Should you need additional space to complete any question, please attached additional sheets as necessary. BORROWERS NAME: ___________________________________ PROPERTY OWNER: _______________________________________ PROPERTY ADDRESS: __________________________________ PAST PROPERTY USE: ______________________________________ LEGAL DESCRIPTION: __________________________________ CURRENT PROPERTY USE: ___________________________________ Has an environmental assessment ever been completed? YES NO If “yes” please attach a copy Are you aware of any citations, claims, complaints, notices of violations, correspondence with governmental agencies, or internal correspondence regarding or relating to the release, threatened release, or cleanup of hazardous substances, or any other environmental violation or problem at this property past or present? YES NO UNKNOWN If yes explanation your knowledge of such notices and/or correspondence: ________________________________________ ____________________________________________________________________________________ Do any of the following potential environmental currently exist, or have existed, on the property?

YES NO UNKNOWN Discarded Batteries YES NO UNKNOWN Stained or Oiled Soil, Sheen on Surface Water YES NO UNKNOWN Containers, Drums, Tanks YES NO UNKNOWN Underground Storage Tanks YES NO UNKNOWN Evidence of Spills, Leaks or Discharge YES NO UNKNOWN Commercial Pesticides / Herbicides YES NO UNKNOWN PCB’s (Transformers, Capacitors, Etc) YES NO UNKNOWN Landfills, Pits Lagoons, Dumping YES NO UNKNOWN Suspected Asbestos Containing Materials YES NO UNKNOWN Lead Paint, Solvents YES NO UNKNOWN Distressed or Damaged Vegetation YES NO UNKNOWN Oil / Grease Separators YES NO UNKNOWN Urea Formaldehyde Foam Insulation YES NO UNKNOWN Unusual Odors YES NO UNKNOWN Other: _________________________________

If yes to any of the above, explain: ________________________________________________________________________ ____________________________________________________________________________________ Is the property being used for, or has the property been used for, any of the following high risk activities?

YES NO UNKNOWN Pesticide / Herbicide Use YES NO UNKNOWN Transportation of Hazardous Materials YES NO UNKNOWN Oil / Petroleum Related Use YES NO UNKNOWN Metal Manufacturing / Tooling YES NO UNKNOWN Paint Shop / Manufacturer YES NO UNKNOWN Heavy Equipment Repair YES NO UNKNOWN Chemical Manufacturing / Storage YES NO UNKNOWN Storage Tanks, Derelict Tanks or Containers YES NO UNKNOWN Junkyard / Landfill YES NO UNKNOWN Laundry / Dry Cleaning YES NO UNKNOWN Other: _________________________________

http://www.mvfcu.coop/

REAL ESTATE & COMMERCIAL LENDING

501 N Main St., Ste 120 Wasilla, Alaska 99654

907) 745-9165 Fax: (907) 745-9168

ENVIRONMENTAL CONCERNS QUESTIONNAIRE www.mvfcu.coop

MVFCU STAFF COMPLETION ONLY: DEC Contaminated Site Search Completed Date: _____________ Initials: ______________

If yes to any of the above, explain: ________________________________________________________________________ ____________________________________________________________________________________ Does any of the following pertain to the surrounding region?

YES NO UNKNOWN Within 500 yards of this property, are there any high risk sites? YES NO UNKNOWN Do activities on nearby properties pose an environmental risks to the subject property?

If yes to any of the above, explain: ________________________________________________________________________ ____________________________________________________________________________________ Borrower signature: ___________________________________________ Date: ___________________________ Owner signature: _______________________________________________ Date: ___________________________

http://www.mvfcu.coop/

CONSTRUCTION LOAN PACKAGE CHECKLIST · CONSTRUCTION LOAN PACKAGE CHECKLIST. The following items...

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