"Construction Loan Agreements and Variations" is a American Lawyer Media form. This form is to be used as a construction loan agreement.
Virginia Construction Loan Agreements and Variations
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Multi-State
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US-CLA198
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FAQ
Generally, a loan or line of credit must be secured by a dwelling to be a covered loan. Regulation C also lists closed-end mortgage loans and open-end lines of credit secured only by vacant or unimproved land as excluded transactions.
Which type of loan transaction is NOT covered under the HMDA reporting requirements? Neither unsecured home improvement loans nor loans on unimproved land are covered transactions.
VA construction loans are short-term loans that will help you cover the cost of constructing a new home. Instead of coming as one upfront payment, a VA construction loan only pays for the portions of your home that are completed. In many cases, a VA construction loan will have no down payment requirement.
A construction-only loan or line of credit is considered temporary financing and excluded from collection and reporting requirements under comment 3(c)(3)-2 if the loan or line of credit is extended to a person exclusively to construct a dwelling for sale. Comment 3(c)(3)-2 to Regulation C, 12 CFR § 1003.3(c)(3).
Changes to the construction contract are often shown as ?change orders?. These change orders may amend the contract and may affect the overall contract price and require you to cover the additional costs. MidCountry Mortgage must approve any change orders that substantially impact value or loan amount.
The temporary loan will be replaced by permanent financing of a much longer term when the old home is sold. Likewise, most construction loans are replaced by a permanent loan. It is the permanent financing from these scenarios that is reported for HMDA.
Loan or line of credit to construct a dwelling for sale. A construction-only loan or line of credit is considered temporary financing and excluded under § 1003.3(c)(3) if the loan or line of credit is extended to a person exclusively to construct a dwelling for sale.
So, for instance, if the home is appraised to be worth $500,000, they will loan you $500,000 x (95% as an example) = $475,000. The down payment will be your construction costs less the loan amount. So, if the construction is quoted to cost $500,000, your down payment will be $500,000 - $475,000 = $25,000.