Construction Loans
Features
- 1% origination fee
- All other fees are below industry average
- In house draws, get your money faster
- Up to two draws a month
- One time close
- Same day approval
Enjoy a smooth construction process by gathering your paperwork before you dig.
Begin your application by clicking Apply Now. Here are the documents we’ll need next:
- Income & Assets
- Year-to-date paystub
- 2 years federal tax returns
- 2 months bank statements
- Settlement statement on land purchase
- Insurance agent’s name and agency contact information
- Builder Contract
- Contract listing completion date, total dollar amount, change request policy, etc.
- Cost Breakdowns
- Line by line explanation of costs
- Spec Sheet
- Room by room specifications on material choices
Beehive offers mortgages, including in areas covered by flood insurance requirements. The National Flood Insurance Program (NFIP) is a Federal program providing flood insurance, floodplain management, and the development of flood hazard zones. Flood insurance is required by federal law for members borrowing funds in high-risk zones.
Can I get out of the requirement to have flood insurance? Members can hire a qualified surveyor to perform an elevation certificate on their home. This certificate can be sent with an application to FEMA for a letter of Map Amendment (LOMA). LOMA is an official amendment, by letter, to an effective NFIP map. A LOMA establishes a property’s location in relation to the Special Flood Hazard Area (SFHA). LOMAs are usually issued because a property has been inadvertently mapped as being in the floodplain, but is actually on natural high ground above the base flood elevation. Because a LOMA officially amends the effective NFIP map, it is a public record that the community must maintain.