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Anyone get an FHA New Construction loan?
We sold our house in 3 weeks, fully expecting it to take 9-12 months based on the average days on market in our area. So now we're set to close in March and have no where to go.
We bought land last year, intending on building later in 2012 so we could pay off the land and it would count as a 20% downpayment on the construction loan.
Obviously we need to move up our timeline, but we haven't had enough time to pay off the land. At this point we have enough paid off to count as 6.2% downpayment on construction loan. We can get it to 10% in a couple months.
Anyone do an FHA construction loan? They require 3.5% down (more if you want), and we were quoted 3.85% interest rate yesterday. We were also told they are difficult to process and can take 60 days to close. Only 1 banker in NE Ohio is qualified to issue them, too. Do they require a certain dollar amount in savings? We'll have $12,000 after we close on the sale of the house. We have $4500 now.
Advice?
Re: Anyone get an FHA New Construction loan?
http://www.trulia.com/voices/Financing/Can_you_get_an_FHA_loan_for_a_new_construction_-107760
http://www.lendinguniverse.com/BorrowersConstructionLoan.asp
Not sure if the above will work, but I hope it is a start. What did you do to sale your home in 3 weeks?