Has anyone used a "203k FHA construction loan"? I am curious to know how it works and what the rate is relative to the typical FHA-conforming loans.
I believe the biggest difference is in the paperwork. The 3.5% is calculated from the entire construction loan which will rise a typical down payment and your closing cost. I am considering this loan myself.
at what rate?
7.0%
Got it so the same as a conventional loan. How long is the term of the loan? 1-3 years?
