Can You Get An FHA Loan For Building A House?

My wife and I really would like to build a house using green methods. We would be first time home buyers and I was wondering if you can get an FHA Loan that will allow us to buy land and build a house?

7 Answers

  • 1 decade ago
    Best Answer

    FHA does not underwrite construction loans. There are several lenders that will issue you a construction loan and once the construction has been completed and your authorization to occupy the property has been issued your loan would then convert to a regular mortgage loan with monthly mortgage payments.

    In this case you should contact a mortgage banker or broker to complete a mortgage loan application that will allow you to have a construction loan. See if they can have this same application to be used as your mortgage loan after the construction has been completed.

    I hope this has been of some use to you, good luck.

    "FIGHT ON"

  • 1 decade ago

    FHA does not offer such a program. You will need a conventional 'construction loan' for funds to build the property, and then get a FHA loan after completion. The closest thing FHA offers is a 203K loan, but that is generally limited to rehab of existing properties.

  • Anonymous
    1 decade ago

    You will need to work with a lender who has FHA programs. FHA is just the insurer of the loan. They do not actually provide the money.

  • 1 decade ago

    nope, fha does not to contruction to perm. you will need to do a construction loan or have a custom builder build your home and just use FHA to buy the finished product.

  • How do you think about the answers? You can sign in to vote the answer.
  • Anonymous
    6 years ago

    As we were in the same situation like you and did an online research for FHA Loans we got overwhelmed with information. Fortunately my wife found the following website where we got with a couple of clicks all information we needed. I hope the page helps you as well!

    I am confident you will find an answer!

    All the best


  • 1 decade ago

    Hello I am Mrs Jully Cole am in need of a loan and a friend of my introduce me to a loan firm call First Financial Loan Investment thank god I was loaned some DAYS AGO @ 2% if u are in need you can contact him via email

  • 1 decade ago

    Yes here is website for you to visit.

Still have questions? Get your answers by asking now.