FHA 1st 4Plex ... Development ... Creative Finance Help

[John Schornberg]

Good Day Bigger Pockets Folks,

Looking into utilizing the FHA first time home buyer 3.5% down program for the purchase of a 4 plex.

The rub is I want to construct a certain type of Steel SIP 4 plex. While doing much of the work myself. From my limited understanding FHA does not allow new home construction for this type of first time home buyer loan.

So I wanted to ask the community if we could look at this situation in the eyes of creative financing.  

1. If I get Pre-Approved from FHA that I am approved for the loan up to X amount. Is it feasible to work with an investor/contractor to build the 4-plex with a guarantee to sell to me after the project is finished?

2.  If I worked with an investor what are creative ways to make something like this happen?  Some thoughts:

* I do want to do some of the finish work as I do have construction experience. So the cost of construction would be less than industry average which would lead to increased profit margin for investor.

*  I would be one of the four first tenants. So maybe it would be less of a risk when building.  Although 1 of 4 is still a risk.

Appreciate any thoughts about ways to guarantee purchase of a new 4 plex utilizing FHA program.