Step 9 - Log Home Construction Loan Application

This step can take some time to complete and will take some patience.  There are several items that most financial institutions require you provide when you apply for your loan.  Listed below are just a few:

  • Last 3-4 years of tax returns and/or W-2’sLEE_3724a-LoRes.jpg

  • Last 3-4 pay stubs

  • Your address for the last 2+ years

  • Current statements from checking, savings, portfolios, etc

  • Employment addres for last 2 years

  • Copy of deed/title to the land you are building on or being purchased.

  • Set of floor plans and builder contracts/estimates

There is a lot more information that will be requested before the loan is closed so be prepared to keep digging through your files and have patience.  Our Log Home Sales Consultants assist folks everyday who are going through this process, and believe me, you are not the only ones who feel like they are going through the hoops as this process takes place.

At some point in the application process an appraisal will be ordered for your log cabin home building project.  The appraiser will take your log home floor plans along with the contractors contract/estimates and will determine a value of your home setting on the lot you have chosen.  This value will become part of the basis for the amount of funds the lending institution will loan towards your log cabin home.  Once this amount is determined, the draw schedule can be completed, papers can be signed and you can begin building your dream log home.

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Our next and final blog in this series is Step #10 – Placing your Log Home Package order.

Donald Parsons
Written by: Donald Parsons
My wife and I built our log home in 1992 and I began working for Appalachian in 1993 and have been assisting clients realize their dream log homes ever since. Before coming to Appalachian I worked for the airlines and for a Tour Wholesaler which, took me to Japan, China and Southeast Asia. Thus began my other passion which is travel. We've been to all 7 continents and enjoy learning about different cultures and discovering local cuisines. Our most recent adventure was a cruise to Antarctica where we had the opportunity to tent overnight on the peninsula.

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