Buying A Home
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Tell me about FHA construction loans

I see that they can be as low at 3.5% down.  Do you need to be a first time home buyer.  Any other rules with an FHA?

Re: Tell me about FHA construction loans

  • From what I understand you don't even need to be a first-time buyer.  We are doing a conventional but we are eligible to do a FHA because we used conventional on our first home.  I guess so long as you aren't currently in a home with a FHA loan you are fine.

    If you are building I don't think there are many rules except that it must appraise for the selling price and meet the inspection guidelines.  Also, you can't exceed the maximum loan amount which I think is $271,000 or something like that.

     

  • They take around 60 - 90 days to close.
  • That's not true. We are doing an FHA loan and we are closing in 30 days. Maybe you are thinking of a short sale.
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