FHA Construction Loans
The FHA Loan allows first-time home buyers and buyers with less-than-perfect credit the opportunity to build an affordable home. Hurst Lending & Insurance is proud to offer one-time-close construction loans able to be financed through the FHA Loan Program. Home buyers can now build the home of their dreams without worrying about not qualifying for financing due to poor credit history.
An FHA, or Federal Housing Administration, loan is a government-insured option for those usually unable to qualify for construction or home loans. With an FHA loan, buyers do not need a high down payment or a perfect credit score to be funded. In fact, down payments can be as low as 3.5% in properties with 1-4 units and credit scores need only be higher than 620, unless you are willing to increase your down payment.
Another benefit of the FHA loan is its ability to be assumed in the sale of your property. However, due to the low credit requirement and down payment amount, an FHA loan does require owners to carry mortgage insurance.
Our FHA construction loans offer:
- Land, construction and mortgage in a single, low-interest loan
- One down-payment of 3.5%. Conventional construction loans can require up to 30% down.
- Easy qualification
- Close once – no risk of becoming un-qualified during construction
- Fees and construction phase interest can be rolled into the loan
- No payments during construction
Now more buyers than ever can afford to build their dream home!