allgone Posted October 18, 2004 Report Share Posted October 18, 2004 What is the 1st thing I need to do if I want to get a new cnstruction loan from FHA?And what is the process Link to comment Share on other sites More sharing options...
WillyB Posted November 19, 2004 Report Share Posted November 19, 2004 Check with your local lenders and see what is available in your area. Sometimes your contractor will handle the construction and wait for the permanent loan. Construction loans are done ever day though and normally aren't much of a problem. Link to comment Share on other sites More sharing options...
Ravenous Wolf Posted November 22, 2004 Report Share Posted November 22, 2004 What is the 1st thing I need to do if I want to get a new cnstruction loan from FHA?And what is the processDo you currently own the land to where you want the construction loan for? Link to comment Share on other sites More sharing options...
allgone Posted November 22, 2004 Author Report Share Posted November 22, 2004 Yes Link to comment Share on other sites More sharing options...
Ravenous Wolf Posted November 22, 2004 Report Share Posted November 22, 2004 Much of the bank literature I read is that the first thing that happens is that the bank has to buy the land.Do you own the land outright or are you still making payments on it?For obvious reasons, the bank has to buy the land outright because they have to be in control of the land that the house is sitting on.What type of utility connections are there to your land? Some banks are picky in which utility connections have to be at least right up to a frontage road or road that is part of a boundary of your property. Link to comment Share on other sites More sharing options...
allgone Posted November 22, 2004 Author Report Share Posted November 22, 2004 Much of the bank literature I read is that the first thing that happens is that the bank has to buy the land.Do you own the land outright or are you still making payments on it?For obvious reasons, the bank has to buy the land outright because they have to be in control of the land that the house is sitting on.What type of utility connections are there to your land? Some banks are picky in which utility connections have to be at least right up to a frontage road or road that is part of a boundary of your property.I own the land outright. It has city Utility connections Link to comment Share on other sites More sharing options...
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