Reply
Go Back   TexasBowhunter.com Community Discussion Forums > Topics > Around the Campfire
 
Thread Tools Display Modes
Old 06-03-2020, 05:37 PM   #1
TexanDuke
Eight Point
 
TexanDuke's Avatar
 
Join Date: Oct 2017
Location: Porter
Hunt In: Polk County
Default FHA Construction Loan

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%


Sent from my iPhone using Tapatalk
TexanDuke is offline   Reply With Quote Back To The Top
Old 06-03-2020, 05:51 PM   #2
mww982
Eight Point
 
mww982's Avatar
 
Join Date: Dec 2012
Location: Keller
Hunt In: Texas, Michigan
Default

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. Iím in DFW but have a lender you can talk to if you want, she can do loans all over the state.


Sent from my iPhone using Tapatalk
mww982 is online now   Reply With Quote Back To The Top
Old 06-03-2020, 07:11 PM   #3
TexanDuke
Eight Point
 
TexanDuke's Avatar
 
Join Date: Oct 2017
Location: Porter
Hunt In: Polk County
Default

Quote:
Originally Posted by mww982 View Post
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. Iím in DFW but have a lender you can talk to if you want, she can do loans all over the state.


Sent from my iPhone using Tapatalk

Could you PM me her info please?


Sent from my iPhone using Tapatalk
TexanDuke is offline   Reply With Quote Back To The Top
Old 06-03-2020, 07:18 PM   #4
Zjesse22
Four Point
 
Join Date: Jul 2017
Location: Edinburg, Texas
Hunt In: Hidalgo County
Default

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
Zjesse22 is offline   Reply With Quote Back To The Top
Old 06-03-2020, 07:21 PM   #5
Mike D
Pope & Young
 
Mike D's Avatar
 
Join Date: Oct 2006
Location: North Texas
Hunt In: Haskell County, TX
Default

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


Sent from my iPhone using Tapatalk Pro
Mike D is offline   Reply With Quote Back To The Top
Old 06-03-2020, 07:37 PM   #6
TexanDuke
Eight Point
 
TexanDuke's Avatar
 
Join Date: Oct 2017
Location: Porter
Hunt In: Polk County
Default

Quote:
Originally Posted by Zjesse22 View Post
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 Iím hoping to pay off sooner if all things go as planned

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


Sent from my iPhone using Tapatalk
TexanDuke is offline   Reply With Quote Back To The Top
Old 06-03-2020, 07:37 PM   #7
TexanDuke
Eight Point
 
TexanDuke's Avatar
 
Join Date: Oct 2017
Location: Porter
Hunt In: Polk County
Default

Quote:
Originally Posted by Mike D View Post
If you can swing the 20% down it offers you some equity protection when the housing market takes a dive again.


Sent from my iPhone using Tapatalk Pro

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


Sent from my iPhone using Tapatalk
TexanDuke is offline   Reply With Quote Back To The Top
Old 06-03-2020, 07:41 PM   #8
Mike D
Pope & Young
 
Mike D's Avatar
 
Join Date: Oct 2006
Location: North Texas
Hunt In: Haskell County, TX
Default

Quote:
Originally Posted by TexanDuke View Post
I agree.. but Iíve been pumping money into the market during this downturn. ROI is just so much higher


Sent from my iPhone using Tapatalk


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.


Sent from my iPhone using Tapatalk Pro
Mike D is offline   Reply With Quote Back To The Top
Old 06-03-2020, 09:11 PM   #9
Kevin
Ten Point
 
Kevin's Avatar
 
Join Date: Oct 2006
Location: Fort Worth
Hunt In: Fannin and Argentina, Zambia, Kyrgyzstan
Default

Get with Trey, a TBH sponsor. He’s very knowledgeable and will shoot straight with you.
Kevin is offline   Reply With Quote Back To The Top
Old 06-04-2020, 12:00 AM   #10
Draco
Pope & Young
 
Draco's Avatar
 
Join Date: Jan 2008
Location: Georgetown, Texas
Default

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.
Draco is offline   Reply With Quote Back To The Top
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 05:10 PM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2020, vBulletin Solutions Inc.
Copyright 1999-2012, TexasBowhunter.com