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?
- loanmasteroneLv 71 decade agoBest 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.
- acermillLv 71 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.
- Anonymous1 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.
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- Anonymous6 years ago
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I am confident you will find an answer!
All the best
- 1 decade ago
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- Georganna VLv 51 decade ago
Yes here is website for you to visit.