- Approved Appraisers - Deltec Financial Services has a list of approved appraisers to appraise the home. If necessary, we can use another appraiser upon request. The new appraiser must be approved by Deltec Financial Services, must be licensed and must have Errors and Omissions insurance.

- Time Frame - The appraiser is hired by Deltec Financial Services, but does not work for Deltec Financial Services nor American Home Bank. The loan officer will ask for the appraiser's turnaround time for the completion of the report to ensure a timely closing of the loan. Depending on the property location and availability of the appraiser, we recommend allowing 2-3 weeks for appraisal completion for construction loans and 1-2 weeks for purchase and refinance transactions.

- Building Plans - In order to initiate the appraisal for a new home, the loan officer needs a set of house plans. The plans need to show dimensions and elevations. Borrowers can submit preliminary plans for appraisal purposes as long as major changes to the footprint of the house are not made. For example, changing the square footage, adding a bedroom or bathroom, or taking a designated room away, is considered a major change. Moving the position of a window or stairs is a minimal change. Major changes may alter the appraised collateral (the house) and may change the loan amount.

- Specifications (Specs) - Specifications are a listing of all of the materials that are to be used during the construction process. This information is collected for the appraiser to determine what materials are going to be used and to assign proper value to the house. Quality and cost of materials can vary greatly making specs an important part of the appraisal.

- Building or Purchase Contract - This contract is a signed and binding agreement between the borrower and builder/contractor or seller. The builder's contract will list the scope of the work to be completed by the builder/contractor and at what price. The seller's contract will simply list the home and property. An appraisal can be ordered from the builder/contractor's quote.

- Home Package Manufacturer Contract - This contract is an agreement between the borrower and home package manufacturer and is required for the appraisal process. Before closing, this contract needs to be a fully executed contract with the appropriate signatures. Please pay attention to any additional charges that may apply to your home package, for example, freight and sales tax.