Fha Loan For New Construction

After construction is complete, a traditional loan requires that the buyer obtain a new loan, thus going through the entire loan approval process again, for the permanent loan on the home.

The FHA One-Time Close construction loan (also known as a "construction-to-permanent" mortgage) does NOT require the borrower to qualify twice. For other types of construction loans the borrower applies once to pay for the construction, then applies again for the mortgage itself.

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To qualify for a new construction FHA loan, you need a down payment of at least 10 percent of the purchase price. These funds can come from your checking account, savings, gifts from family or a down payment assistance program.

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FHA One Time Close Construction Loan Overview But the advantage of an FHA construction loan is the ease that comes with an all-in-one loan versus separate construction and mortgage loans. In this article, we describe the specific requirements for an FHA construction loan and a few alternatives you may want to consider instead.

K, FHA requires at least a 3% down payment for purchase financing a primary residence home. As to whether it can apply to new construction, I need more information to answer your specific question.