Home Buying in 97470>Question Details

V8splash81, Home Buyer in Roseburg, OR

Looking for a lender who offers the FHA one time close construction-to-permanent loan with 3.5% down in Roseburg, OR.

Asked by V8splash81, Roseburg, OR Wed Nov 20, 2013

Hi. My husband and I live in Roseburg, OR and we are looking for a lender who offers the FHA one time close construction-to-permanent loan with 3.5% down for land purchase and new construction in the Roseburg, OR area. We are looking to purchase a lot and have a new home built on it.

Many lenders that I've talked to have told me that no lender will allow less than 10% down on a construction loan, but this FHA construction loan does! I have seen this loan offered in the midwest and on the east coast but am having a hard time finding a lender in Oregon or who serves the Roseburg, OR area. This is NOT the same as the FHA 203K rehab loan! Any help would be appreciated! Thanks!

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2
Jed.lowman’s answer
Premier Home Mortgage Specialty Products Group does exactly what you're looking for. The FHA 1X close is completely different than a 203k and you will want to make sure that your MC knows the difference.
1 vote Thank Flag Link Wed Mar 5, 2014
I am in Roseburg, and I only offer the 203k(s) for FHA. The full 203k is a nightmare....the (s) is reasonable, but not fun. There are plenty of other opportunities though. I'm working with a new homebuyer right now and the builder allowed them to pick out their own lot. Builder can finance on their own and then you come in with a "purchase" loan 4-6 months down the road and buy the home. This is by far the easiest and most cost effective way to do this type of transaction. If you have the resources to buy your own lot with cash, then you have even more opportunities to save money. In my opinion, the 203k (full) is a major headache for the builder, borrower, and lender, and there are much higher costs (rate and fees) associated with it. Give me a call in the morning and I'd be happy to discuss your options.
0 votes Thank Flag Link Wed Nov 20, 2013
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