Www.north-slope.org

  • Docx File 16.07KByte



Application GuidelinesWith the appropriations done for the NSB Construction Loan Program (CLP) the following items can expedite the process of acquiring a loan:Submit a NSB request for assistance to start the processSign a Memorandum of Understanding (MOU)Provide documentation of land ownership.People who fall into this category may be qualified for a new home construction loan:? 1. Applicants must be pre-qualified for a mortgage loan in an amount sufficient to pay off the construction loan. Letter of prequalification must accompany the loan application. This will be from any financial institution of your choice.???? a. Conventional Banks such as;?????????? i. Wells Fargo, First National Bank, Key Bank, Northrim Bank b. Federal Credit Unions such as;?????????? i. Alaska USA, Denali Alaskan? 2. Construction plans and actual construction must meet state or federal building codes that qualify the home for a mortgage loan.Licensed, bonded and insured contractor with in the State of AlaskaComplete blueprints or an approved set construction drawingsSchedule of start to finish construction for review and approvalSchedule of payments matching construction schedule or an approved planSigned contract agreement by CLP client and contractor for review and approvalInclude in agreement a final dollar amount of completed house for occupancy? 3.? Life of the loan must not exceed 18 months. 4.? The loan program is only intended for single family home ownership and the applicant must reside in the home. ................
................

Online Preview   Download