Financing in 32256>Question Details

Jami.bowles, Other/Just Looking in Marble Falls, TX

I am trying to see if I can get an FHA loan to build a new home and purchase the land as well. Does Texas have a loan like this?

Asked by Jami.bowles, Marble Falls, TX Thu Aug 25, 2011

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No need to apologize, just pointing out tips to help yourself out. I still think you should re-post your question in the Texas financing section rather than the Jacksonville, FL area as I don't believe many people here will be familiar with the financing options available in Texas as they couldn't be more different of markets - Florida is still considered the riskiest market in the U.S. by most lenders, whereas Texas is considered one of the safest to lend in. You will find much more flexible Texas loan options offered by Texas based lenders rather than out-of-state lenders in my opinion.

The FHA 203k is a rehab mortgage, but it's only for existing properties which are 1 year or older. You could, in theory, buy an existing home, tear it down to it's foundation, and build a brand new one... but you can't use it to buy land + finance a new home on it.
0 votes Thank Flag Link Thu Aug 25, 2011
Sorry I didn't know I didn't have my profile set up... I am in Texas. Trying to see what the construction loan with a regular FHA 203b end loan is.... vs FHA 203k loan
0 votes Thank Flag Link Thu Aug 25, 2011
You are "Outside U.S." (which makes me question how this would be your primary residence, which is what FHA loans are for), and posting in Florida about a question regarding Texas. I think you may get better input on financing in Texas if you post again in Texas, as well as indicate where you are actually living (you can just put Texas, you don't need to list the exact zip code or city).

However FHA does not finance the construction of a home or purchase land - you may be able to get a construction loan that at the end, converts over to an FHA loan (assuming everything qualifies at that point), but the construction financing portion of the loan would certainly be conventional financing. However you can purchase a newly constructed home, in finished condition, with FHA financing.
0 votes Thank Flag Link Thu Aug 25, 2011
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