Financing in Toledo>Question Details

missyrose15, Home Buyer in Perrysburg, OH

Can anyone recommend a lender that does FHA new construction loans? Thank you!

Asked by missyrose15, Perrysburg, OH Thu Jan 30, 2014

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I would research this on google. I would say most of the big banks will accommodate you. (I.e. Chase, PNC, BOA, Wells Fargo, etc.)
0 votes Thank Flag Link Tue Mar 18, 2014
FHA does offer a new construction loan. Not very many lenders offer it, however, I do! . This is NOT a 203(k) loan it is a one-time-close construction to permanent loan and the qualification and down payment are exactly the same as a regular FHA loan. It does require that you and your builder are constructing a modular home as opposed to stick-built. Please get in touch with me if you would like to get into more detail about the program. If you like my answer, consider clicking on a “Thumbs Up” or “Best Answer”

Regards,

Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929

Rate quote or live chat with me at the link below:
0 votes Thank Flag Link Fri Jan 31, 2014
More details:
You close on the loan before construction starts and the builder is guaranteed his money no matter what happens in the interim (assuming they finish the house!)
There is no re-qualification or close after the house is finished.
If you own the land already, the equity can be used as the down payment meaning you can have little or no money out of your pocket.
Or you can buy the lot as part of the loan and only need to put 3.5% down on the entire cost of everything (just like standard FHA)
no payments due during construction.
This is a spectacular program!
Flag Fri Jan 31, 2014
I don't believe FHA does construction loans. What they do offer is FHA 203/k loans. This type of loan allows you to borrow A LOT of money to remodel an existing home and yet the total down payment
requirement can be as low as 3 1/2 percent. For more information, please go to http://www.flexrealty.com
Web Reference: http://www.flexrealty.com
0 votes Thank Flag Link Thu Jan 30, 2014
I have worked with Waterford Bank on a new construction loan and they were amazing through out the whole process. They also worked amazingly with my clients when there is that inevitable delay in the construction process which pushed back closing. Alan Tinney was the new construction contact there his email is alan.tinney@waterfordbankna.com
0 votes Thank Flag Link Thu Jan 30, 2014
I'm a huge believer in using the local banks directly when financing construction or FHA. 5/3rd, Huntington and PNC have huge presence here in Toledo. I would contact them directly. I do know Bank of America does do the FHA 203k rehab loan for sure. If you want to talk to a Broker this gentleman has good resources and abilities:

Shane Marzullo 419-861-9008

Mortgage Professionals

Greentree Mortgage Services
http://www.greentreeloan.com
0 votes Thank Flag Link Thu Jan 30, 2014
If you are working with a builder, they should be able to provide you with a list of recommended lenders. If not, contact a local Realtor and ask for a local lender in the area you are interested in building.

You can also try this web site: http://www.hud.gov/ll/code/llslcrit.cfm or the FHA web site at: http://www.fha.com/

Tammy Hayes, Realtor
Re/Max Palm Realty
tammyhayesre@gmail.com
941-276-6185
http://www.tammyhayes.remaxagent.com/
0 votes Thank Flag Link Thu Jan 30, 2014
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