Before Construction Begins

Before the construction of your new home begins, your diligence is necessary to get your financing approved and your home released to start construction.

If you are financing your home purchase >>

If you are paying cash for your home >>

If you are financing your home purchase:

Get Pre-Approved
  • Complete a loan pre-application with a Highland Homes Preferred Lender
    • Your lender will provide you with a personalized list of documents required after they review your application, but as a general rule of thumb you will need:
      • 30 days of most recent paystubs
      • 2 months of most recent bank statements (all pages) for all accounts
      • 2 years of W-2’s and 1099’s
      • 2 years of tax returns (including all schedules)
      • Recent copies of any stock brokerage or IRA/401K accounts (all pages)
      • Driver’s license & Social Security card
      • If you are self-employed: YTD profit and loss statement
      • If applicable: Copy of divorce decree and/or child support court order
    • Sign and return loan disclosures provided by your lender
      • There are generally three ways you can receive and return documents:
        • Face-to-face
        • Secure email
        • Fedex/UPS/USPS
    • Highland Homes will provide your lender with executed contracts and addendums
Finalize Your Design Selections
  • Your lender must have the final purchase price including design upgrades before they can process your loan
  • During your 3-hour design appt., your design consultant will guide you through the home design process and generate paperwork finalizing your design selections and price 
    • Set your appointment and sign your design paperwork as soon as possible
Loan Processing & Conditional Approval
  • Your expediency is important to getting your loan processed as quickly as possible
  • Processing will not begin until all of the above has been received by your lender
  • Your lender may request additional documents during processing and underwriting
  • Your lender will provide you and Highland Homes with a Conditional Approval, outlining what is required for final approval and closing of your mortgage
Releasing Your Home for Permitting & Construction
  • Before we can release your home to start construction, we must have:
    • Your full down payment in escrow
    • An Updated Approval from lender with all credit conditions cleared
    • An appraisal (your lender will order when necessary)
    • USDA submission (USDA loans only)    
DO'S and DO NOT'S before closing on your new home:

DO NOT change jobs or become self-employed without first notifying your lender

DO NOT finance or charge any new debt - This includes co-signing for any loans

DO NOT enter into any deferred payment plans - These are often available at furniture or appliance retailers. Although you may not be expected to make payments, these will show on your credit report as debt now.

AVOID credit inquiries; they can affect your credit score

DO pay all bills on time

DO keep all personal documents requested by your lender including paystubs, proof of earnest money deposit, bank statements, etc.

BE AWARE your lender will be re-pulling your credit and requesting updated documents

Items that will require a written explanation to your lender
  • Deposits into your bank account other than normal income
  • Payroll deductions other than taxes and SS
  • Derogatory credit - Collections, judgments, delinquencies, and bankruptcies
  • Credit inquiries

If you are paying cash for your home:

  • Before we can release your home to start construction, we must have:
    • Your lot deposit in escrow
    • Finalized design paperwork
    • Draw addendum based on the final price after any design upgrades
    • Proof of funds to cover the entire final purchase price