We have been searching for a home since December. We moved in with my mother when we sold our house. We are unable to find anything at all that meets our needs. We are considering building, but can't afford the 20% down for construction loan. Does anyone know anything about the FHA 3.5% down construction loan? I've never heard of it until today when I stumbled upon it on Google. We live in Mississippi. Are there any lenders that offer his around here? Any info would be greatly appreciated!!!
It's definitely an option. I used one for my home. Construction is now done and my final closing date is the 30th of this month. If there's a builder in your local area they can help put you in touch with a lender that's familiar with the process. You basically close twice. Once to obtain the loan for them to start building, and again when the home is finished. You just have to make sure you stay on top of things and don't do anything drastic during the 4 or 5 months while they're building it. It's still only 3.5% down as well. Good luck!