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Updated over 1 year ago on . Most recent reply

Daniel Netzer's profile image
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Daniel Netzer
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  • from Bend
  • Member since Jun 18, 2023
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Daniel Netzer's profile image
Daniel Netzer's profile image
Daniel Netzer
  • Developer
  • from Bend
  • Member since Jun 18, 2023
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Daniel Netzer
  • Developer
  • Bend
12
Votes |
64
Posts
Land & New Construction

203k FHA construction loans - and use cases

Daniel Netzer
  • Developer
  • Bend
Posted

Has anyone used a "203k FHA construction loan"? I am curious to know how it works and what the rate is relative to the typical FHA-conforming loans.

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Anthony Freeman
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Anthony Freeman
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Quote from @Daniel Netzer:
Quote from @Anthony Freeman:
Quote from @Daniel Netzer:
Quote from @Anthony Freeman:
Quote from @Daniel Netzer:

Has anyone used a "203k FHA construction loan"? I am curious to know how it works and what the rate is relative to the typical FHA-conforming loans.

I believe the biggest difference is in the paperwork. The 3.5% is calculated from the entire construction loan which will rise a typical down payment and your closing cost. I am considering this loan myself.
at what rate? 
7.0%
Got it so the same as a conventional loan. How long is the term of the loan? 1-3 years? 

 30 years

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