Within 14 days of receiving complete application materials, UMFREA will contact the borrower to advise if preliminary approval to begin underwriting is granted.  If granted, the borrower needs to submit the following for underwriting:

  1. Tax returns for the prior two years
  2. Balance Sheet - prior fiscal year
  3. Income Statement - prior fiscal year
  4. a) Property Inspection report for purchases; or b) Plans and specifications for improvements
  5. Construction bids from contractors licensed to work in Minnesota (for improvements only)
  6. Construction timeline, aka, project schedule(for improvements only)
  7. Updated project sources and uses schedule (for improvements only)
  8. Project management contact roster (for improvements only) (document below)

At the end of the underwriting process, if approved for closing, the borrower needs to submit a Rate Lock Form (document below).