06-18-2011, 08:29 PM | #1 |
Drives: 2012 Camaro 2SS/RS Join Date: Jul 2009
Location: Dubba V
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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?
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06-18-2011, 09:20 PM | #2 |
Drives: the 2nd amendment home Join Date: May 2008
Location: OK
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Me too
.... 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.
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06-18-2011, 09:41 PM | #3 | |
Drives: 2012 Camaro 2SS/RS Join Date: Jul 2009
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Quote:
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2LT/RS M6 CGM VIN#53104 SOLD
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06-18-2011, 10:03 PM | #4 |
Drives: the 2nd amendment home Join Date: May 2008
Location: OK
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You would have to get a builders loan, then once the house was built the bank can convert it to FHA guaranteed loan
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"They that can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety."
-- Benjamin Franklin |
05-28-2013, 07:46 AM | #5 |
Master of All Things
Drives: '20 Corvette Stingray Join Date: Jul 2009
Location: Southeast of Houston, Texas
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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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