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 What if my borrower prepaid for some of the items prior to close? How do they receive credit on one time close conventional construction loans?

This would be referred to as an equity credit. During the project review, complete Form D1 for equity credit and provide invoices, paid receipts, cancelled checks to coincide with the form. The items paid for must be on the itemized budget. The borrower will receive equity credit only, as a borrower cannot receive both equity credit and reimbursement. Equity credit reduces the total amount owed to the builder/contractor. If the borrower wishes to receive reimbursement, see under “After Closing” Section.

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Security America Mortgage is one of the leading VA Home Loan Lenders in the nation; We are not a government agency. We pride ourselves on providing excellent customer service to ensure that each Veteran we serve ends up living happily ever after in the home of their dreams. This is a private website that is not affiliated with the U.S. government, U.S. Armed Forces, or Department of Veteran Affairs. U.S. government agencies have not reviewed this information. This site is not connected with any government agency.

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