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Building 101


Use the estimated costs below to plan — or contact us so we can help.

Home Building Costs  
Estimated Amount
Initial Appraisal $400-$600+
Appraisal Update
When home is completed
If loan-to-value ratio is less than 80 percent.
Survey — Partial or Mtg. Insp. Plat $250-$300
Inspections $375
Three inspections at $125 each.
Interim Mechanics Lien Endorsement 10A
(Chicago Title) up to a $400,000 loan
$500 for four draws
$100 for each additional draw
Date Down Endorsement 10 $300
Four at $75 each.
Construction Disbursement Draw Fee $500
Minimum of four at $125 each.
Lien Waiver Exam Fee $125
Owner's Title Policy Based on home's value
Including cost of lot.

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When you meet with us, please bring the following:

  • Lot information
    • Legal description and lot size
    • Closing Disclosure from purchase of lot and Lot Title Policy (if you already own  your lot)
    • Lot Purchase Agreement (if you're purchasing the lot)
  • Set of house plans showing room layout, room dimensions, and exterior views of home
  • Construction specifications with the type and grade of materials to be used to complete the home

If you are using a general contractor:

If you are responsible for paying allowance items:

  • Owner's Sworn Statement (OSS)
  • Signed contract with builder
  • Builder's letter stating home will comply with all subdivision requirements and restrictions

If you are acting as your own general contractor:

  • Owner's Sworn Statement (OSS)
  • Signed, written bid or proposal to borrower from each subcontractor, material supplier, or labor supplier to support costs identified on OSS
    The borrower will not be required to sign the bid or proposal until just prior to loan closing.
  • Letter stating home you are building with comply with all subdivision requirements and restrictions

You'll be signing a lot of documents during the home building process. This chart lets you know which document you'll need and when.

Signature Requirement
Homeowner/Builder Contract At application
Contractors Verified Statement (CVS)* Builder; prior to appraisal being ordered
Owner's Sworn Statement (OSS)* Homeowner; prior to appraisal being ordered
Bid for costs itemized on OSS Contractor or laborer providing bid prior to appraisal being ordered
Partial (or final) lien waiver* Builder; during the draw process
Subdivision requirements/restrictions letter
  • General contractor
  • Borrower if acting as general contractor
*Must be notarized  

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Home Lot

If you are…

Already the Owner

You'll just need to provide a copy of the title policy or Closing Disclosure from when you purchased the lot.

Lot Purchase Date
Lot Value
1 or more years ago
  • Appraised value can be used to determine the total property value.
  • Appraiser can provide a land value with the appraised value of the completed home.
  • The difference between the lot value and any remaining lien is considered lot equity.
  • Lot equity is used toward your down payment and in establishing the loan-to-value ration.
Less than 1 year ago
  • Purchase price of lot


When you buy a lot, you will need to provide the signed purchase contract. The cost can be included in your Construction Loan; however, the down payment will need to come from another source, such as liquid assets.

Receiving as a Gift

If you were given the lot, you will need to provide a signed gift letter from the relative(s) who give you the lot. The letter should include the:

  • Property being gifted
  • Donor
  • Donor's relationship to you
  • Recipient

The appraiser will provide a separate land value with the appraisal of the home. The lot value will then be considered lot equity, and that equity is used toward your down payment. Ask your CEFCU representative about a gift letter.

Paying on a Lot Loan

You can pay off any lot loan at the Construction Loan closing. Whatever you owe on the lot needs to be taken into consideration when determining the loan amount needed.

Contact Us Forms & Apps

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