Custom Built

Q: Typically, what will I need from my bank or mortgage company?

A: It varies from client to client, of course, but typically you will need the following: From your bank – A copy of commitment letter with conditions, amount, and expiration date. From your mortgage company – a copy of commitment letter from the lender they intend to use, a copy of homeowner credit report (you will have to request), your debt to income ratio (expenses compared to income per month; FHA: 41% max, bank: 36% or less), the estimated house note (FHA: cannot exceed 29% of homeowner’s monthly income; bank: cannot exceed 23% of homeowner’s monthly income), whether you will be the owner of the property, an estimate of your down payment / closing costs, and whether you can or will be paying for closing costs and down payment.

See our Financing Information section for additional information.