Home Buying in 34241>Question Details

Cjpa, Other/Just Looking in Florida

construction FHA loan

Asked by Cjpa, Florida Sat Jul 20, 2013

.Lookng for a true FHA const to perm loan. Past bk/foreclosure>4yrs. 710 beacon,150 k down,debt ratio <20%. please reply as seasoned broker,sarasosota

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Cjpa, This does not exist. FHA is an end loan. If you are interested in building a home, most new home builders today, carry the construction loan. To write a contract, you have to be pre approved for a mortgage. This can be an FHA mortgage.

Once the home is built and you are 30 days out from the CO (certificate of occupancy) you will start the loan process in earnest. If your credit, assets, work, or income changed significantly during the building process and you no longer qualify for an end loan, then you can not close. You lose your deposit and the home becomes an inventory home for another buyer.

Best regards,

Lynn Brock
Brock Realty Inc.
941.313.1234
http://www.brockrealty-inc.com
0 votes Thank Flag Link Mon Jul 29, 2013
Cjpa,

Hello...

I spoke with a lender and here his his response. Hope it helps you make your decision. If you have any other questions please email or call and I will be happy to help.

(We do not have construction perm available with FHA; however, we can do the permanent financing once the home is complete and provide the borrower a commitment for the perm financing so the builder will have assurances the borrower is qualified and approved.)

Kindly,

Rhonda Masotta...Realtor®
Luxury Real Estate Consultant

"A Tradition of Trust..Put Experience to Work for You"
Celebrating 25 years in the Sarasota Real Estate Market Place

Direct: (941) 504-4349
Email: rhondalifestyles@comcast.net
SANDALS REALTY of Sarasota
Web: http://www.rhondamasottasarasotalifestyles.com
0 votes Thank Flag Link Mon Jul 22, 2013
Hi Cjpa,

Could you also consider other options, like Owner Financing?
0 votes Thank Flag Link Sun Jul 21, 2013
I can give you the name of a great lender who is very capable of handling this for you and if you are looking for a Realtor® with experience...I am celebrating my 25th year in the Luxury Sarasota Real Estate Market Place. I have been through the construction process many times and have even built a 4600 square foot home in The Oaks with special permission of the association. I would be delighted to assist you in any way that is necessary to acheive your goal of home ownership.

Please feel free to give me a call...you are under no-obligation.

Kind regards,

Rhonda Masotta..Realtor®
Luxury Real Estate Consultant
"A Tradition of Trust..Put Experience to Work for You"
Direct: (941) 504-4349
Email: rhondalifestyles@comcast.net
SANDALS REALTY of Sarasota
Web: http://www.rhondamasottasarasotalifestyles.com
0 votes Thank Flag Link Sat Jul 20, 2013
Rhonda, thank you for your prompt response. I will contact you Monday to discuss further. Have a wonderful weekend.
Flag Sat Jul 20, 2013
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