The Florida Housing Market: Is Building a New Home the Best Option?
When it comes to building a new home with a low-down payment construction loan, homebuyers have several options. Stick-builds, modular, and manufactured homes are all common new home construction features across the country. But which one is the best choice for your loan?
Stick-builds offer the flexibility to customize the home to your exact specifications, while modular homes are pre-built-in sections and assembled on-site, offering a faster construction time. Manufactured homes, on the other hand, are built entirely in a factory and transported to the home site. Ultimately, the choice depends on your personal preferences and budget.
A popular option for financing new home construction is the FHA One-Time Close construction to permanent loan. This loan program allows for the purchase of land and construction costs to be combined, with a down payment as low as 3.5% for those who qualify.
Eligible Veterans can take advantage of a VA One-Time Close construction to permanent loan program, which offers a $0 down payment option for purchasing land and financing construction costs for a new home. Both of these construction loans are available nationwide.
Exploring FHA and VA One-Time Close construction loans can be a beneficial financing option to consider when planning to construct a new home in Florida.
FHA, VA, and USDA: One-Time Close Loans
Want More Information About One-Time Close Loans?
We have done extensive research on the FHA (Federal Housing Administration) and the VA (Department of Veterans Affairs) One-Time Close Construction loan programs. We have spoken directly to licensed lenders that originate these residential loan types in most states and each company has supplied us the guidelines for their products. We can connect you with mortgage loan officers who work for lenders that know the product well and have consistently provided quality service. If you are interested in being contacted by a licensed lender in your area, please send responses to the questions below. All information is treated confidentially.
FHA.com provides information and connects consumers to qualified One-Time Close lenders to raise awareness about this loan product and to help consumers receive higher quality service. We are not paid for endorsing or recommending the lenders or loan originators and do not otherwise benefit from doing so. Consumers should shop for mortgage services and compare their options before agreeing to proceed.
Please note that investor guidelines for the FHA and VA One-Time Close Construction Program only allows for single family dwellings (1 unit) – and NOT for multi-family units (no duplexes, triplexes or fourplexes). In addition, the following homes/building styles are not allowed under these programs, including but not limited to: Kit Homes, Barndominiums, Log Cabin Homes, Shipping Container Homes, Stilt Homes, Solar (only) or Wind Powered (only) Homes, Dome Homes, Bermed Earth Sheltered Homes, Tiny Homes, Accessory Dwelling Units, or A-Framed Homes.
Contact Us: Send Us Your Request – Spam Safe
Please send your email request to [email protected] which authorizes FHA.com to share your personal information with one mortgage lender licensed in your area to contact you.
1. Send your first and last name, e-mail address, and contact telephone number.
2. Tell us the city and state of the proposed property.
3. Tell us your and/or the Co-borrower’s credit profile: Excellent – (680+), Good - (640-679), Fair – (620-639) or Poor- (Below 620). 620 is the minimum qualifying credit score for this product.
4. Are you or your spouse (Co-borrower) eligible veterans? If either of you are eligible veterans, down payments as low as $0 may be available up to the maximum amount your debt-to-income ratio per VA will allow – there are no maximum loan amounts as per VA guidelines. Most lenders will go up to $1,000,000 and review higher loan amounts on a case-by-case basis. If not, the FHA down payment is 3.5% up to the maximum FHA lending limit for your county.
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