what kinds of loans can one get for new construction?

[Tony Gonzalez]

Hey all!

Who is washing dishes and checking their BP inbox?

So I been made aware of a program in Newark that allows you to buy a plot of land for $1K...but you have to prove you have financing in place to pay for new construction and have the job started completed within 18 months of purchasing the deed.

Is this a good avenue to go down? Have others taken part in similar auctions? How much would new construction of say a two or three family home cost, round about? Would FHA loans apply?

I'll do my best to respond to all comments and thanks again :-)