It is very important that you ready what I have to tell you.
I just closed a deal for a client last week under a NEW 'unmatched' program that has been specifically designed for first time homebuyers. Highly recommend you call Tom R. Callahan at 904-591-6722 and speak to him in regards.
I can share a few of the details as I know it to be:
1. NO MI !!
2. 5% down
3. 30 yr fixed at a very attractive rate
4. NO Origination fee + NO bank fees or junk fees !
5. NO mortgage payment for 5 months. Apaprently BBVA is eating the interest. Unbelievable !
6. gift funds allowed
7. NO income limitations
My client is so happy now and enjoying thier new home because of this new program. I am sure that it can be used for new construction. Best of luck to you and call Tom.
Oh yea....his email is email@example.com
Take care, DB
You'd want to check with a lender on this. If you're taking out a construction to perm loan, it may not be likely that you can use FHA. I have a couple of wonderful lenders I work with on a regular basis ~ they'd know how to advise you.
Please call if you'd like me to put you in touch with them.
Have a great evening!
Lynn Brier-De La Cruz, REALTOR
Most builders have their own lenders, as other answers have said, and definitely give incentives for you to use their lender. HOWEVER, you can keep them competitive by letting them know you are getting quotes from other lenders. This is one of the many tips an experienced new home sales RealtorÂ® can help you with.
If you are building with a custom builder, say on your own lot, these builders will usually want to do a 'construction perm' loan which means you will close on the lot and the builder will take draws along the way while the home is being built. This type of loan is, in my experience, a conventional loan, and I am not sure it would work for FHA. That would be a lender question. You would need to know how to protect yourself with a builder when doing a construction perm loan - to be sure the draws were made at the right time, that lien releases were signed, that the house was being inspected by the bank before each draw and that the work was finished according to the draw schedule, etc. These are some of the other tips an experienced agent will give you.
In this economy, builders will do an end loan for homes which they normally would prefer to do a construction perm, just to get the business.
If it's your first home, most people are building in a subdivision, and if there is a preferred lender, they can pre-qualify you for an FHA loan and your question about whether FHA is in that community will be answered.
New home sales are a passion of mine - can you tell? If you have any other questions, it would be a pleasure to help you. There are some articles on building a new home in my blog on our website.
Sharon Alters, CDPE, GRI
Frank and Sharon Alters
I have helped many homewoners purchase new homes here in my area and I always get them a better deal than if they simply walked into the sales offices themselves. I am also a witness to the contract and I can explain it.
The builder's usually want you to use their lender in order to get incentives and an agent can make sure you are getting the best interest rate also.
Remember that the sales agents in the New Home Builders offices work for the Builder, (seller). But take your agent with you on the first visit.
You need to find a good Realtor. They can help you negotiate the best deal from the builder. The builder has already built into the price a commission for your Realtor and you'll pay it whether you use one or not. The builders agent, although very nice and very helpful, does NOT work for you and you will NOT get the best deal unless you tell them you're not signing anything without your Realtor. If you have any questions call or email me
Give me a call or email me. I would love to assist you in finding the right builder.
Shonda Sauls, REALTORÂ®
Prudential Network Realty
Office (904)260-4300 #327
Yes most if not all builders accept FHA financing and will cover the construction phase with their financing typically.
I can assist you with any builder and especially one that builds only concrete block homes.
Call or text me at 9047101574 or email at firstname.lastname@example.org
They are very happy to do FHA loans as long as you qualify! They also offer to pay closing costs and certain discounts to buydown the interest rate etc!
Please allow me to asssit you in your purchase of a new home!