We do not share your personal information, we value our customers and take their personal privacy seriously.  Our Privacy Policy and Disclosure principles are: 

• We do not sell customer information.
• We do not provide customer information to persons or organizations that are doing business on our behalf, for their own marketing purposes.
• We afford prospective and former customers the same protections as existing customers with respect to the use of personal information.

Information we may collect

We collect and use information we believe is necessary to administer our business, to advise you about our products and services, and to provide you with customer service.  We may collect and maintain several types of customer information needed for these purposes, such as those below.

Types of information we may collect and how we collect it:

• From you, Your address, telephone number, credit card number with expiration date and house alarm code.
• From consumer reporting agencies, such as your credit history.

     Yes, we have completed the training and are a lead-safe certified company by the EPA. 

     On April 22, 2010, the Environmental Protection Agency (EPA) enforced a new law that requires all contractors have proper certification for dealing with lead on homes built prior to 1978. The law states, that all contractors "performing renovation, repair or painting projects that disturb lead based paint...to be certified and to follow specific work practices to prevent lead contamination." 

This compilation was designed to answer the most frequently asked questions
concerning the residential construction process and lending institutions.
Although we have written this as accurately as possible, procedures may vary
from time to time and per financial institution.

Thank you once again for considering Caliber Construction, Inc. for your new
home builder. “We appreciate your commitment to Quality”.

• Detailed and accurate building plans
• Specification list
• Builder’s cost breakdown
• Executed building contract
• Copy of deed and title policy (if lot is titled to borrower)
• Copy of lot purchase agreement (if borrower is purchasing lot in conjunction with the construction loan)
• Map or drawing of lot location
  
  • Personal information and employment history
  • 2 years complete Federal Income Tax returns for all borrowers; if self-employed, year-to-date profit-and-loss statement, financial statements and 2-years Federal Income Tax returns for partnership/corporation.
  • Current pay stubs.
  • Employment history for past two years, including name and address of
    current and past employers.
  • Current rate of base earnings and average of overtime, commissions,
    bonuses, etc.
• If you choose to include income for child support and/or alimony, provide documentation evidencing receipt of said income for the past six month period along with a copy of recorded Separation Agreement and Divorce Decree.
  
• Other income (i.e. social security, pension, rental, stock,
  interest, dividends, etc.) requires documentation evidencing receipt as constant income.
  
  • Information regarding assets
  • List of depositories, including names, address, account numbers and
    balances.
  • Copy of most recent statement for mutual fund and brokerage accounts,
    including retirement accounts.
  • Documentation for any other source of funds to be used as down payment and
    /or closing costs (i.e. gift letters, saving bonds)
    
• Information regarding obligations
  • Name and address of all creditors, account number, balance, and monthly
    payment.
    
• Non-refundable application fee

     It normally takes about 7-10 working days after application to learn if the loan had been approved. Assuming a loan is approved, the next step is the issuance of a Commitment Letter. Upon receipt, the borrower is required to execute and return the lender copy of the Commitment Letter, which serves as a formal acceptance of the loan terms and conditions offered by the Bank. In most cases, a 1% non-refundable commitment fee (1% of the amount borrowed) must be forwarded to the Bank within 7 days of the loan approval. If the loan is made, this fee is applied against the closing costs. Upon approval of the loan, the Bank will also order all necessary title work required in connection with the loan.

     When the Commitment Letter is received, the borrower is asked to contact his or her loan officer for an appointment to sign the final documents, which include Note, Mortgage Deed, Construction Loan Agreement, etc. Any funds needed to purchase the lot, close the deal, meet full contract price, or pay closing costs should be deposited with the Bank at time of signing.

     After all papers have been executed, all documents, which must be filed of record with the County Recorder, are forwarded to the Title Company. The title companies work directly with the Bank’s Escrow Department in transferring of title, filing of the mortgage and disbursing funds for payment of title charges, lot purchase price, etc.

     Once the transaction has been filed, or “closed”, a mechanics lien survey (also known as the “first picture”) is taken by the Survey Company. After this picture is taken, work can begin on the dwelling.

     Prior to disbursement of funds, the foundation must be installed and the Survey Company must take a foundation check (or “second picture”). The purpose of this picture and survey is to make certain that placement of the foundation complies with all applicable building and lot line requirements.

     Usually, the bank pays all bills in connection with the construction loan. The builder is not paid on a “draw” basis. Bills are paid based on a percentage of completion as determined by an independent inspector chosen by the Bank.

     Most Banks will require properly completed, executed, and notarized Affidavit of General Contractor must accompany each request for payment. This Affidavit will list the payee and be accompanied by the invoice. Payment will be made directly to the supplier and/or subcontractor, and will be mailed by the Bank to the payee. This Affidavit is to be signed by the General Contractor. Payment to the General Contractor for work done directly by him should be invoiced as for any other payee.

     Prior to payment of any invoices, may require approval by the borrower, evidenced by his/her signature on the face of the invoice. The borrower may prefer to make arrangements with the builder authorizing only a builder signature on invoices to be paid. A signed agreement would be required for the Banks loan file.

     Inspections from the Bank will begin upon written notification that the foundation is in and will continue throughout construction.

     During construction, interest is billed monthly based on funds disbursed from the loan. Borrower-contributed funds are generally used first, since no interest is owed on these funds. Once a month a billing is prepared.

     Upon completion of the property, the loan is transferred to a permanent status and regular monthly payments, as specified in the Note, begin.

     Upon completion of construction, the loan is automatically transferred to a permanent status. This arrangement can be made by calling the loan officer in advance of the expected completion date and reviewing the Bank’s requirements at that time. Generally, the Bank will require:

• A copy of the occupancy permit
• Final Affidavit of General Contractor
• Written instructions regarding disbursement of any remaining
  construction funds.
• Final inspection report (ordered by the Bank)