If you want to build your dream home but you're having a hard time meeting the requirements of a conventional loan, we've got good news for you. An FHA Construction loan provides you with more flexible lending requirements, giving moderate-income families the opportunity at custom-homeownership.
Let's find out how an FHA Construction loan can help you buy land and build your house the way you envision it.
Also known as a "3 in 1 mortgage," an FHA Construction-to-Permanent loan finances the whole home construction process with one loan product. It covers all expenses concerning home construction and provides the permanent mortgage for the newly built home.
An FHA Construction loan takes care of all the costs involved with construction, including the land, permits, plans, fees, labor, and materials. This is excellent news for FHA borrowers who may not have extra funds to buy land or apply for a second loan.
Once the home is complete, the construction loan will roll into a traditional mortgage.
When looking for the land purchase, make sure that it doesn't require a teardown or building of multiple properties. It should be vacant land, essentially ready to build a home from the ground up.
Before starting building, you need to get pre-qualified for your construction loan to know your borrowing limits. This will help you create a budget for the entire project.
The builder you select must be willing to work with the FHA Construction Loan program. Aim to work with a builder who already has experience with FHA construction loans as well as one that has an excellent track record.
Once you've chosen your land and builder, you can now close your loan application so that construction can begin.
An FHA Construction Loan makes financing your custom home more accessible. To get started, all you need to do is find a licensed builder in your area and work with us for all your FHA financing needs. Ask one of our trusted mortgage advisors for more details.
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 328663 CA BRE 01856458
190 W 3rd street
Santa Ana, California 92701
Fax: (714) 845-0414
Alfa Investments & Loans strives to ensure that its services are accessible to people with disabilities. Alfa Investments & Loans has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.
Alfa Investments & Loans makes available the UserWay Website Accessibility Widget that is powered by a dedicated accessibility server. The software allows alfalending.com to improve its compliance with the Web Content Accessibility Guidelines (WCAG 2.1).
Alfa Investments & Loans accessibility menu can be enabled by clicking the accessibility menu icon that appears on the corner on the page. After triggering the accessibility menu, please wait a moment for the accessibility menu to load in its entirety.
Alfa Investments & Loans continues its efforts to constantly improve the accessibility of its site and services in the belief that it is our collective moral obligation to allow seamless, accessible and unhindered use also for those of us with disabilities.
Despite our efforts to make all pages and content on Alfa Investments & Loans website fully accessible, some content may not have yet been fully adapted to the strictest accessibility standards. This may be a result of not having found or identified the most appropriate technological solution.
If you are experiencing difficulty with any content on Alfa Investments & Loans website or require assistance with any part of our site, please contact us during normal business hours as detailed below and we will be happy to assist.
If you wish to report an accessibility issue, have any questions or need assistance, please contact us by sending an email to: firstname.lastname@example.org