Posted on: 26th Jul, 2007 04:32 pm
Is there an FHA construction loan?
I haven't heard of fha construction loans. Don't think they exist.
Hi Rakuhn,
FHA construction loans are available for constructing and remodeling of property. The maximum loan term is of 25 years and the loan-to-value ratio is up to 90%. The fixed annual premium is 0.5%. Moreover, there is no limit to the amount of loan that can be insured.
FHA construction loans are available for constructing and remodeling of property. The maximum loan term is of 25 years and the loan-to-value ratio is up to 90%. The fixed annual premium is 0.5%. Moreover, there is no limit to the amount of loan that can be insured.
My wife and myself are wanting this loan to build on two acres of land we own.
My wife and myself are wanting this loan to build on two acres of land we own.
FHA doesn't offer Construction Loans - however, a Rehabilitation Mortgage is available (it's called the 203k program).
