Union State Bank

Looking to Build?

We offer construction loan financing for up to 12 months with the ability to convert to a permanent mortgage.

6 Steps for Financing Your Construction Loan

1.  Application - Meet Your Banker

Get started one of two ways!  Give the bank a call to set up an appointment to get pre-qualified.  During the appointment, an application will be filled out and your credit history will be reviewed.  Or, since your time is valuable to us, you could start by going to our Mortgage website and fill out the application online.  Once we receive the application, we will review your credit history and your information prior to setting up an appointment to get pre-qualified.

Here is a list of items you will need to bring to your meeting with your banker:

  • Most current paystubs
  • W-2s for the past two years
  • Employer information over the last two years
  • 2 months of bank statements
  • Monthly debt obligations
  • Federal taxes for the past two years (if self employed)

2.  Appraisal

We will order an appraisal from a licensed appraiser who is locally familiar with the area.  A copy of the plans and bids will need to be provided to the appraiser.

3.  Construction Closing

Following the necessary approvals, we will than close on the construction loan.  You will be notified of any closing costs prior to this closing.  Once the loan is closed, begin building!

4.  Advance As You Build

During the construction phase, you will work closely with your banker and builder to request funds as needed and approved.

5.  Construction to Permanent Financing

Once your home is complete, an appraisal update will be ordered by the bank.  We will need to update any financials and roll this loan into a permanent mortgage.

6.  Move In

Congratulations on your new home!

Contact Nicole today to set up an appointment.
Phone: (701) 282-4598
Email: nhjelden@unionfargo.com
NMLS #: 710489

Nicole Hjelden