FHA Construction Loan

[TexanDuke]

Anybody ever done one of these puppies? Looking for info on it. Seems to be a no brainer? Help?

I have excellent credit if that helps. Just not wanting to fork over 20%


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[mww982]

I would talk to a lender first before going FHA. PMI stays on for the life of the loan unless you refinance. There are lower down payment conventional loans available if needed. I’m in DFW but have a lender you can talk to if you want, she can do loans all over the state.


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[TexanDuke]

I would talk to a lender first before going FHA. PMI stays on for the life of the loan unless you refinance. There are lower down payment conventional loans available if needed. I’m in DFW but have a lender you can talk to if you want, she can do loans all over the state.


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Could you PM me her info please?


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[Zjesse22]

I did an fha construction loan got a rate at 3.15% 3 years ago and built my home to my liking, set a plan to pay off my loan in 7 years so far I am on track and with some positive things and plans I’m hoping to pay off sooner if all things go as planned

[Mike D]

If you can swing the 20% down it offers you some equity protection when the housing market takes a dive again.


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[TexanDuke]

I did an fha construction loan got a rate at 3.15% 3 years ago and built my home to my liking, set a plan to pay off my loan in 7 years so far I am on track and with some positive things and plans I’m hoping to pay off sooner if all things go as planned

Would you mind disclosing the down payment percentage? You can PM me if you’re more comfortable doing so.... that rate is awesome


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[TexanDuke]

If you can swing the 20% down it offers you some equity protection when the housing market takes a dive again.


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I agree.. but I’ve been pumping money into the market during this downturn. ROI is just so much higher


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[Mike D]

I agree.. but I’ve been pumping money into the market during this downturn. ROI is just so much higher


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Higher than real estate? I find that hard to believe.

The house I sold in 2014 increased in value by $100k by 2019, nearly doubling in value.


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[Kevin]

Get with Trey, a TBH sponsor. He’s very knowledgeable and will shoot straight with you.

[Draco]

I recently built a very large steel building and built living quarters in a third of it. Instead of a construction loan I got a line of credit from the bank in Menard where I deer hunt. They said lots of people are using a line of credit now as there is no down payment. There is no interest accrued until you take money out so you just take it out as you need it. As you pay it off you recoup the line of credit and can keep it for ever I guess.