Getting an FHA Loan for a Custom Home
Are you looking for options to finance your custom home? If you don’t have a lot in the bank, FHA (Federal Housing Administration) could potentially offer very flexible, attainable options for you. At Elk Ridge Custom Homes, we have helped several clients build their custom homes thanks to our model that makes this and other traditional financing options available – even for a custom home project.
Today, FHA loans are among the most popular mortgage programs for Americans. Once restricted to low-income groups before last decade’s economic meltdown, they’ve since gained immense popularity and are being used by people across the income spectrum. In fact, analysts credit the FHA program with saving the housing market during the most recent meltdown.
What Is an FHA Loan?
The idea behind this mortgage program is to help borrowers qualify for the loan they need and reduce the risk for the lenders. It is a win-win arrangement where loans are easily made available and lenders can also find customers without additional acquisition cost. Apart from home building, these loans can also be used for refinancing a property and come at the most attractive rates.
If you have a high credit score (580 or higher) you can be able to get mortgage with mere 3.5% down payment (article written May 2016). The flexibility of the loans makes them very popular. You can choose a 15 or 30 year repayment pla, keeping your options open for whatever works best for your budget – now and in the future. This loan program also allows home builders to bear the closing costs on your behalf, making it the perfect mortgage plan for a custom home project. In fact many customers looking for custom homes prefer the FHA program over traditional construction loans – they just aren’t able to secure them without other partners in place
At Elk Ridge Custom Homes we help you get FHA loans easily through our financing partnerships. We work with great lenders offering financing through FHA loans and would guide you through the entire process. The beauty about the entire FHA program is that you are eligible for financing even if you don’t have the perfect credit score. Over the years, we have worked with dozens of clients who have got their homes financed under the FHA program, which has helped us build expertise with the loan program. If you have a steady job we can talk about your custom home project, even if you don’t have an extravagent budget. Book a consultation with us, or download our PDF below to get started!
To learn more, download our guide below to discover your dream home!