{"id":7704,"date":"2021-01-22T11:31:30","date_gmt":"2021-01-22T18:31:30","guid":{"rendered":"https:\/\/mortgagesolutions.net\/?p=7704"},"modified":"2021-01-22T11:32:23","modified_gmt":"2021-01-22T18:32:23","slug":"fha-loans-building-house","status":"publish","type":"post","link":"https:\/\/mortgagesolutions.net\/2021\/01\/22\/fha-loans-building-house\/","title":{"rendered":"Is It Possible to Use FHA Loans for Building a House?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">When it comes to buying a home, you have two basic options. On the one hand, you can buy a home that\u2019s already been constructed. On the other hand, you may decide that you\u2019d prefer to build your home from the ground up. Many people prefer the latter option because it gives them a higher degree of creative control over their home\u2019s design.<\/span><!--more--><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re considering building a home, then you should understand <\/span><a href=\"https:\/\/mortgagesolutions.net\/find-a-loan\/purchase\/fha-loans\/\"><span style=\"font-weight: 400;\">FHA loans<\/span><\/a><span style=\"font-weight: 400;\">. Yes, FHA loans are commonly leveraged by those who are looking to buy an existing home. However, there are also FHA loans out there that can assist you if you\u2019re interested in building a home.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This article has everything that you need to know about how FHA loans can help you to build a home!<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Introduction to FHA Loans and FHA Construction Loans<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/f\/fhaloan.asp\"><span style=\"font-weight: 400;\">traditional FHA loan<\/span><\/a><span style=\"font-weight: 400;\"> is a mortgage loan that\u2019s backed by the Federal Housing Administration (FHA) to a homebuyer. In contrast to many loan options, FHA loans are great options for anyone with a less-than-stellar credit background. FHA loans are also notable for the fact that they typically come with low down payment options.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">FHA construction loans are also intended for homebuyers with subpar credit and tighter-than-average budgets. But here\u2019s the crucial detail that sets FHA construction loans apart from their traditional counterparts: FHA construction loans are specifically designed for homebuyers who want to build or drastically renovate a property.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Types of FHA Construction Loans<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Are you interested in building or renovating a property? If so, then there are two basic types of FHA construction loans that you should be aware of:<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Construction-to-permanent loan<span style=\"font-weight: 400;\">. This loan option is specifically intended for homebuyers who are seeking to build their home from the ground up. In order to qualify for this loan, you\u2019ll need to partner with a licensed general contractor to build the home. You\u2019ll also need to pay the FHA minimum down payment of 3.5%.<\/span><\/b><\/li>\n<li aria-level=\"1\"><\/li>\n<li aria-level=\"1\"><b>203(k) rehabilitation loan<span style=\"font-weight: 400;\">. This loan option provides homebuyers with up to $35,000 to cover the rehabilitation costs of an existing property. Eligibility requirements for this loan include investing in mortgage insurance coverage and a minimum credit score of 500.<\/span><\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">Learn More About FHA Loans for Building a Home<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">At Mortgage Solutions Financial, we\u2019re passionate about helping aspiring homebuyers to find and buy their dream homes. To learn more about FHA construction loans &#8211; or to submit your loan application &#8211; please <\/span><a href=\"https:\/\/mortgagesolutions.net\/contact-us\/\"><span style=\"font-weight: 400;\">contact our office<\/span><\/a><span style=\"font-weight: 400;\"> today!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When it comes to buying a home, you have two basic options. On the one hand, you can buy a&#8230;  <a class=\"excerpt-read-more\" href=\"https:\/\/mortgagesolutions.net\/2021\/01\/22\/fha-loans-building-house\/\" title=\"Read Is It Possible to Use FHA Loans for Building a House?\">Read more &raquo;<\/a><\/p>\n","protected":false},"author":7,"featured_media":7705,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.9.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is It Possible to Use FHA Loans for Building a House? | Mortgage Solutions Financial<\/title>\n<meta name=\"description\" content=\"Are you thinking about buying a new construction home? 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