(Closed) FHA loan for new construction??

posted 4 years ago in Home
Post # 3
Member
1408 posts
Bumble bee
  • Wedding: November 2013

@FutureMrsMK:  i think that as long as its not a construction loan you should be able to, ie. buying your own land and supplies. If you go through a builder it should be the same as buying a house. 

Post # 4
Member
10368 posts
Sugar Beekeeper
  • Wedding: September 2010

@FutureMrsMK:  I know that the new build townhomes by us are advertising FHA loans on a banner, so I think it’s definitely doable :-).

Post # 5
Member
337 posts
Helper bee
  • Wedding: June 2013

For what it’s worth… FHA loans require 3.5% down and generally have higher interest rates and lifetime PMI (I think that’s a new thing starting this month).  You can get a convential mortgage for as low as 5%, which is just 1.5% more down.  Your interest rate will be lower and you can stop paying PMI once you get to a certain amount of principal paid off.

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