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Updated over 8 years ago,
FHA Loan on land an construction Utah
I am currently looking at investing in a duplex/four-plex in my area. I however recently came a across a piece of land that is for sale that is in a great location and is supposedly coded for multi-family units. So I have a few questions about this.
1. Does the normal max amount FHA loan also apply when buying land along with new construction and is that even possible?
2. I don't have the means to do this buy myself so I have a couple other investors, what would be the best way of going about that? just a side note this will be my first home purchase. I will be living in the four-plex, the other two will not.
3. Would there be a way to have one of the investors purchase the land and the for me to build on top using the FHA construction loan?
Let me know what you guys think! any feedback would be very helpful.