https://retipster.com/164-arturo-paturzo/Your situation reminds me of this podcast.  

Here in Chicago, you should expect a range from $200-$275/SF, depending on the location, experience, labor, and material finish level.Are you in a position where you already own some land, or what is your current situation?

Loan Amount: We specify this as a percent of the purchase price.

This might be a better situation if you are leaving the country.Just some other thoughts. 

The problem was, they only had enough money for a 3.5% down payment and an FHA loan.

This means sizeable monthly payments, but if utilizing with Value Add you can pay off the loan without a pre payment penalty at any time.Hope this helps!

I am a VA loan specialist with The Veteran Lending Team and a proud Marine Corps veteran. 

The most successful loans are those that do not procrastinate and get the appraisers In ASAP so you can get over any unexpected bump in the underwriting process.

As a loan officer, I recommend first ensuring you have a thorough assessment from a contractor who specializes in fire damage.

So I did a 3-2-1 buydown and secured a 2.875% interest loan for the first year of the loan, and it will gradually go up a percent each year until it hits my rate of 5.875%!