We have had much discussion on doing a two phase construction loan and I have a few questions.
When we get an application for the initial construction of a home and we will do the permanent financing we would provide a LE for the initial construction and then an LE for permanent financing. The LE for the permanent financing would have the "60 Day" disclosure.
Then at least 60 days prior to the expected closing of the perm loan we would issue another LE with updated figures correct? What happens if we close the loan sooner than the 60 days after providing the revised LE?