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Updated about 5 years ago on . Most recent reply

Rose Davis's profile image
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Rose Davis
  • from Davenport, Iowa
  • Member since Jan 25, 2016
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Rose Davis's profile image
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Rose Davis
  • from Davenport, Iowa
  • Member since Jan 25, 2016
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Rose Davis
  • Davenport, IA
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Land & New Construction

Fha new construction

Rose Davis
  • Davenport, IA
Posted
Does anybody know if its possible to get an fha on a new construction loan for a 4plex if i live in one of them? I have land and now need to know what i can do with it for low out of pocket costs
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Tausief Mohamed's profile image
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Tausief Mohamed
  • Developer
  • from Miami, FL
  • Member since Dec 8, 2015
  • Posts 26
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Tausief Mohamed's profile image
Tausief Mohamed's profile image
Tausief Mohamed
  • Developer
  • from Miami, FL
  • Member since Dec 8, 2015
  • Posts 26
  • Votes 10
  • Experience 16 Yrs
  • Investments 19
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Tausief Mohamed
  • Developer
  • Miami, FL
10
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26
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Tausief Mohamed
  • Developer
  • Miami, FL
Replied

It is possible. FHA actually does a construction loan now that will be converted to an fha loan once you get the CO. I have built 2,3,and 4 plexes here in florida and what they will do is use the other units rental income as a factor for what you can afford. If you already own the land then they will use that as your deposit.

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