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-   -   Looking at an FHA home loan but.. (https://www.camaro5.com/forums/showthread.php?t=153630)

mike25 06-18-2011 08:29 PM

Looking at an FHA home loan but..
 
Im confused. I plan to either purchase a built home on land, or if possible, which may be a more desirable optiom, I plan to obtain whatever type of loan necessary to be able to buy land and build a home. I like the FHA offerings because i dont have much for a downpayment and probably wont for some time ( a couple years if the loan requires 20% or more..) Im looking to borrow roughly 140- 160k at most. I would like to buy a hom outright, but cant find much in the area that is nice/ likeable and building seems like a more feasible idea to be able to get what i want. Opinions?

Mr Twisty 06-18-2011 09:20 PM

Quote:

Originally Posted by mike25 (Post 3356617)
Im confused.

Me too :laugh:

.... sooo... what's your question?

Look at land prices and talk to local builders, that'll give you an idea what you're up against in that regard.

If you're a young fella and this is your first home, consider buying a fixer-upper, put some sweat equity in it and sell, that'll give you (hopefully) a nice down payment to do what you want.

mike25 06-18-2011 09:41 PM

Quote:

Originally Posted by MisterCamaro69 (Post 3356800)
Me too :laugh:

.... sooo... what's your question?

Look at land prices and talk to local builders, that'll give you an idea what you're up against in that regard.

If you're a young fella and this is your first home, consider buying a fixer-upper, put some sweat equity in it and sell, that'll give you (hopefully) a nice down payment to do what you want.

basically im wondering if an FHA loan would allow me to buy land and build a house on it.

Mr Twisty 06-18-2011 10:03 PM

Quote:

Originally Posted by mike25 (Post 3356883)
basically im wondering if an FHA loan would allow me to buy land and build a house on it.

You would have to get a builders loan, then once the house was built the bank can convert it to FHA guaranteed loan

Sir Nuke 05-28-2013 07:46 AM

Quote:

Originally Posted by mike25 (Post 3356883)
basically im wondering if an FHA loan would allow me to buy land and build a house on it.

YES, I did it. I bought a lot......and 6 months later had a home built on it, wasn't a problem at all.


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