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FHA loans are well known for their low-cost down payments and less-than-stringent credit requirements, making them a great option for first-time homebuyers. But you may not realize that the FHA also grants construction loans, which may allow you to either build a new property or rehabilitate an existing home that needs a little TLC.
Obtaining a home loan backed by the Federal housing administration (fha) for new construction is similar to qualifying for a conventional loan; however, the process does include a few unique requirements.
Loan closes up front, just like any other FHA loan, so the borrower is never re-qualified. This is huge as nothing can happen to the borrower in the sense of loan qualification which could derail the loan at the end of the build. Once we are closed up front, the borrower never has to worry about not being qualified.
An FHA One time close construction loan is an all in one loan that allows you to get a construction loan and a permanent loan all wrapped into one loan. This is a huge advantage given the fact that most construction loans to build a home require two closings. With a renovation mortgage, you can get one home loan that combines the purchase price.Dave Ramsey's Guide To Building Your Own Home – YouTube – It can seem like a daunting task to build a custom home. And admittedly, it is complicated. We are here to help! This 3-part checklist is aimed at getting you on the.