FHA Approval for Construction and Buying a Home - The Bills.com Blog

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FHA Approval for Construction and Buying a Home

Tuesday, Dec 9, 2008

Question: IF I AM APPROVED FOR FHA LOAN, CAN I BUILD NEW HOME OR DOES IT HAVE TO BE EXISTING HOME?

Answer: The FHA does not offer loans for building a new house. These are referred to as construction (or construction to permanent) loans and are available through most traditional mortgage lenders, but not through the FHA loan programs.

Once your home construction is complete, you'll be able to refinance your construction loan in to an FHA loan. Find a few lenders to
discuss your options with - start here to find trusted lenders:
Free Mortgage Quote

Good
luck and let us know how it works out.

- Bill
Bills.com

Also, make sure to get a free financial health check-up with Bills IQ!

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Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!

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