All Forum Posts by: Account Closed

Thanks for the info, Alex! Your comments about the loan product are consistent with what we've been hearing, but the product does indeed exist:

The HUD guide to the loan

A blog post about the FHA Construction to Perm product

The idea of paying cash for the lot is a great one which I hadn't considered, but unfortunately lots here in Brooklyn start at $350k and only go up from there; if we could pay cash for the lot we could put 25%+ down on the whole project! :/

As an aside, good luck with your construction! :]

Hello all! My SO and I are having an incredibly hard time finding a lender in NYC who offers FHA construction-to-perm loans. We have found lenders in literally all of the other 49 states, but not in NY. Every lender we've spoken to in NYC claims to never have even heard of the FHA construction-to-perm program, except for a single mortgage broker who we're hesitant to work with, as he's a developer himself and we're nervous that he wants to buy the plot we're hoping to build on.

Ideally, we hope to secure an FHA construction-to-perm loan for a 2-family home in Brooklyn, NY, within the King County FHA limits. We've already been approved multiple times for a 3-family 203K FHA loan; unfortunately our lender does not offer construction-to-perm.

Can anybody recommend a lender in NYC who offers FHA construction-to-perm loans, or otherwise provide insight as to why it's so difficult to find? If it's not an option, is there any other way to finance a 2-family home construction (and the purchase of the plot) with less than 10% down?

Looking forward to hearing about how this goes!

Hi Andrew. I'm new to the game as well, and am moving to Brooklyn from Philly this weekend. Looking forward to meeting some up-and-coming investors in NYC, maybe we can find a meetup together!

Cool project, thanks for sharing. I've had my eye on Brewerytown for a while now. Definitely up and coming, but I've worried that lack of subway access will cap future development (though the trolley could be a huge help). Philadelphia on the whole is on the up! DNC coming in, the pope's stopping by, Comcast Center 2.0, the list goes on and on!

I find tons of information on here, but so far it's all been inactionably vague; it spells out useful concepts, but there doesn't seem to be enough information for me to actually get started. A more in-depth review of financing options for newbie REIs would be incredibly valuable!

Hi Mike Girard and Larry Fried! I'm in the same boat- moving to Brooklyn this weekend after living in Philly for the last 8 years. Looking to invest in Philly pretty soon, as well.

Ayodeji Kuponiyi I live in Philly, as well. I rented a 4BR SF home in Northern Liberties, where that young girl was tragically shot for her purse in fall of 2013. We paid $2700/month in rent. Not sure what your property's like but $900 seems like a heck of a deal on rent.