Hi Eric, What happens if I plan to use it as a primary residence but for whatever reason, (maybe partner job relocation ) we have to sell the property in 1 or 2 years of building?
I'm in the process of doing a FHA One TIme Closing and so far the difference with it is it kind of requires the builder to pay your interest while it is being built. I am trying to get more clarity about this because it is causing the lender to charge us for the interest in our estimate.
@@ericjeanette-homefinances2510 Right! But the FHA process is different than Conventional when it comes to how you pay the interest. Conventional lets you pay the interest out of your pocket per month as the house is being built and FHA does not. FHA is almost making you finance your interest if that makes sense. Meaning my interest is put into the purchase price.
Hi Eric! Great video. Do you know if this would cover any kind of prefabricated house? I don’t mean a mobile home but an actual house that was built off-site and put back together/hooked up on the property. Thanks!
That’s called modular construction and my understanding is yes that usually qualifies. Things that don’t: log cabin and metal buildings (barns/containers)
Hey thanks for the tips, what are the terms of FHA loans?? I keep looking, but cant find much. Is it 3.5% down, 30 year duration, what kind of interest rates do we see?
You’ve mentioned that it can’t be a fix or flip, can a duplex or triplex be built with the FHA permanent construction loan if you plan on living there as your primary residence anyway ?
I went to my local credit union and they didnt get me any real big benefit for my first home purchase I feel like. I put 20% down too. The icing on the cake is the realtor who didn't really do shit except open doors to the places we showed him. Fuck the whole industry tbh
Is your mortgage payment while it is being built based on projections? How does the final invoice potentially being different than the initial cost effect the loan?
Could an FHA One Time Close Construction Loan involve buying land and having two buildings built on the land? (One house and one Garage Structure elsewhere on the property)
How big is the Mark up on rates from what they are traditionally if you were to get a regular FHA LOAN? A lender quoted me 4.99 - 7.25 during the building phase
Okay I own 10 acres outright it isnt developed as a driveway will have to be put in on a semi sloped hill to prep the build site on top of property is this an option? Also does this cover getting utilities septic and well dug as well!? Help! I meet all of the requirements just lost about this.
What if I have land that is not fully paid off yet but has paid enough to to cover the 3.5% down payment of the amount I prefer to borrow, would that work as well?
Yes that is correct. I even mentioned in the video (1:30 mark) that the lenders who offer this program are going to ask for higher credit scores. I mentioned 640. You did not listen to the entire video?
@@ericjeanette-homefinances2510 i thought that i would at least get a call to discuss my situation further or some explanation what could be done to find a lender who would work with less the perfect credit
Is the 2 year work history 2 years at the same job,or continuous employment at more than one employer? I was with the same company for 6 years,and changed companies a year ago. I've been in the same industry for over 20 years.
Hey Eric, I hope all is well. I have a locked interest rate at 5.5% with a lender but because this lender does NOT do FHA construction loans, I need to use a separate lender to do an FHA construction loan. Is it possible to get the same 5.5% interest rate on the FHA construction loan? Is it possible the transfer the FHA construction loan to an FHA loan via different lenders? How are interest rates for FHA construction loans determined? This information will help a lot. Thanks.
Hi Eric, I asked a lender about the FHA Construction to Permanent loan and they said this type of loan has been suspended since the beginning of the pandemic? Is this correct or is this type of FHA Loan still available?
The lender is correct in that MOST lenders who used to offer the construction loan have temporarily suspended them. Very few remaining who offer it right now. With the rising cost of building materials, lenders are concerned that the cost to build could increase after you are approved the loan... higher than what you are approved for.
It falls within the FHA guidelines, but I do not know any lenders who offer it with scores that low.. In fact, most lenders are not offering the construction loan at all.
I am looking for a lender that could help me with this I am trying to do FHA One Time Close Construction loan. I am trying to build a townhouse duplex that I will be staying in. If you all know of any lenders that could help me with this please let me know.
Could i talk to u can i get an email from i really need ur opinion because i just gave birth we are in a rv right now it is so hard we wanted to build a house but needs help
