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Please contact a Commerce Bank of Arizona representative at 520-325-5200 for enrollment.

Home Construction Loans

Building a new home is challenging! Ask our residential lending team to show you the available loan options we offer.

Call our home construction loan specialist, Barbara Sadler, at 520-797-4169.

Product Features

Builders

  • Available to Licensed Residential Contractor
  • Construction guidelines provide efficient loan processing
  • Draw requests handled locally in a timely manner
  • Established builder relationship requires minimal upfront documentation

Individuals

  • Must be contracted with a Licensed Residential Contractor
  • Receive free checking account during construction
  • Make Interest-Only payments during construction phase
  • Save on closing costs for permanent home loan when financing through us

How This Product Works

The loan application process

Once you have gathered the information to support your loan application, contact a loan representative to start the financing process. Your request will be reviewed by a construction lending officer and he/she will order the property appraisal to obtain a final “as-if complete” value and a preliminary title report to ensure all encumbrances and liens are cleared prior to starting construction.

Once this information has been obtained, the file will be submitted for underwriting. Upon approval, your loan docs will be prepared locally and you will close with the title company.

Starting construction

As draw requests are needed, you will contact the construction loan department and provide the appropriate lien waivers from the previous draw request prior to obtaining the funds for the next draw. The loan department will send out an inspector at his/her discretion prior to committing to the release of these funds.

Completion

Once your home has passed final inspection, you will be ready to contact our mortgage department to update your mortgage loan file to obtain permanent financing.

Information Needed

  • Builder contract
  • Builder cost breakdown
  • Copy of builder’s license, plans and specifications
  • Completed application
  • Purchase contract for land or copy of settlement statement if already owned

This is the information you should have at hand when you apply for your construction loan. This is a general list, and we’ll let you know of any additional information we may need to make your loan application complete:

Income/Asset Verification

Salaried Borrowers

  • Pay stubs for the most recent 30-day period
  • Last two years' W-2 statements for all borrowers
    • All pages of checking and savings account statements from the most recent 30-day period
    • All pages of asset account statements, including money market funds, mutual funds, stock accounts, IRAs, CDs, etc., from the most recent 30-day period.

Self-Employed Borrowers

  • Complete signed tax returns for the last two years, including schedules, statements and K-1’s and/or a copy of the filed extension if applicable
  • Year-to-date profit and loss statement, if beyond June 30th
  • Deposit Verification
    • All pages of checking and savings account statements from the most recent 30-day period
    • All pages of asset account statements, including money market funds, mutual funds, stock accounts, IRAs, CDs, etc., from the most recent 30-day period.

Miscellaneous Borrower Documents - If applicable

  • Divorce decrees, child support agreements, or separate maintenance agreements
  • Copies of any leases and two years of federal tax returns on any rental properties you own
  • Pension letter and Social Security awards letter, if applicable

 

Commerce Bank of Arizona offers experienced bankers in personal and business financing.

What Our Customers Say...



If you need mortgage advice, call Commerce Bank of Arizona's Karmine Laramie Lynam at 520-797-6655.