Construction Loan “Approved”

We’re getting a bank loan for our construction costs on the house. We’ve been working with the bank for about a month now, and we finally got a conditional approval. Apparently, it’s pretty uncommon that those getting construction loans are managing their own builds, as the bank is requiring construction contracts and other documentation normally associated with using a third-party builder. So, we’re still working through those details.

The appraisal is scheduled for later this week, and the underwriter needs some additional documentation and paperwork before we get final approval, but the hard part is seemingly completed. Hopefully we’ll have final approval in the next week or so, and will be able to get the loan closed before we start construction.