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Do I have to get a construction loan for those homes that are in a community, ie Crown Homes, Jr hms

Hubby and I would like to build in one of those communities where there are set floor plans with names. Some call them cookie cutter neighborhoods. So do I need a construction loan or can I do a regular FHA loan?
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January 23 2013 - West Augusta
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Answers (1)

The builder normally funds the cost of building a home.  Once completed, you would go to a normal closing of escrow.   With an FHA loan, you would have the normal 3.5% down payment and associated closing costs.  Most builders offer the buyer with what is known as "seller's concessions." This is a negotiated amount of money that the seller will pay towards the buyer's closing costs.  I work with several lenders that have the ability to make loans to people who may or may not qualify for a government FHA loan, to include some 100% loans (no down payment).  Why don't you give me a call and let's see if we can keep more money in your pocket?
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January 24 2013
 
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