I am looking to get financing on a 3 acre plot of land and build a small house in Colorado. All in the budget is looking to be around $400k.
Are there any programs on a FHA construction loan to decrease the down payment below 3.5%? Or alternatives to get the ~$25k cash that will not disqualify me for the FHA construction mortgage?
After the build is complete I am looking to house hack and rent out the basement as a 2 bedroom apartment. to start my real estate investing career.
Thank you for any responses!