Fha Loan To Buy Land And Build Home Today

You can qualify with as little as 3.5% down, which can be applied toward both the land and the build.

After the final inspection and certificate of occupancy are issued, the loan converts to a permanent mortgage. fha loan to buy land and build home

Once approved, you close on the loan. The lender pays the land seller and sets up an escrow account to pay the builder in "draws" as milestones are reached. You can qualify with as little as 3

Not all banks offer the "One-Time Close" product, so verify they specialize in FHA construction lending. fha loan to buy land and build home