Posted on: 13th Aug, 2009 02:19 pm
I am searching for a home for me and my family.
We though of buying a modular home.I heard only a few banks due new construction loans/morgages.
what are the requirements for this?
we originally wre going FHA tye loan with 3.5 % down payment.
Would this still work for a new construction type?
what banks do new construction loans?
thanks
cj
We though of buying a modular home.I heard only a few banks due new construction loans/morgages.
what are the requirements for this?
we originally wre going FHA tye loan with 3.5 % down payment.
Would this still work for a new construction type?
what banks do new construction loans?
thanks
cj
Yes FHA requires you 3.5% down with atleast 620 credit score
If you are refrign to newly constructed house, that is correct
If you are refrign to newly constructed house, that is correct
Hi chale,
Due to the credit crunch, many of the lenders have pulled out of construction lending business. Those who still offer such loans require the borrowers to meet the stringent qualifying requirements. Thus, I think an FHA 203k loan could be a very good financing option for you. Though you cannot do ground up construction with this type of loan, you can do improvements and rehabilitation of homes that you wish to purchase. The advantage with a 203k loan is you do not need separate loans to purchase and then, construct or improve the loan. With a single 203k loan you can make the purchase and at the same time carry out the required rehabilitation.
Due to the credit crunch, many of the lenders have pulled out of construction lending business. Those who still offer such loans require the borrowers to meet the stringent qualifying requirements. Thus, I think an FHA 203k loan could be a very good financing option for you. Though you cannot do ground up construction with this type of loan, you can do improvements and rehabilitation of homes that you wish to purchase. The advantage with a 203k loan is you do not need separate loans to purchase and then, construct or improve the loan. With a single 203k loan you can make the purchase and at the same time carry out the required rehabilitation.
ARE YOU LOOKING FOR FHA LOAN CHALE320?