Not sure if this has ever been asked...
Good morning BP community!
I am reaching out because I have a unique question and I figured with the intelligent minds on here someone may have a solution.
So I would like to build a home, it would be my first home. What I would like to do would be to acquire the land and build the home and then pro cure a USDA loan for the property and home. I like the USDA loan because of the hundred percent financing option, and the fact that they gave you 100% of the home value, so if the house is being bought for 100k but it's valued at 150k, you would get up to 150 K.
I figured this would be a good way to get our first home, as well as have some working capital to purchase a multi family.
I just don't know how to get the land and build the home without the loan first. Because obviously I do not have the working capital to just pay for it out right! And I don't think I can get another construction loan first, then switch it to a USDA loan and still get all the benefits.
So any help or ideas would be greatly appreciated!