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are fha loans available for new construction?

  • May 29 2012 - Lower Oxford Township
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    0Yes

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Answers (3)

Absolutely though the builder will need to complete the home before you can close on your FHA loan.  The appraisal will be done when the home is mostly done and your builder will usually require a mortgage loan commitment letter by then to complete the remainder of the home (your customized finishings) and an appraiser will do a final inspection of the home before closing to ensure all the finishings were completed.

Your down payment would be a mere 3.5% as of now (in future years this figure may change), of your purchase price.
  • June 04 2012
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You can also obtain financing on a FHA construction-to-perm loan with a 3.5% down payment.  The loan is closed prior to the start of construction and there is no need for the builder to finance the project.  

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  • June 02 2012
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As an end loan, yes. Meaning the builder finances the construction of the home and the FHA loan comes in at the completion of the home and pays the builder. 
  • May 29 2012
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