We are trying to build our home in Alexander, KS. Do you know of a bank or lender who will only require 10% down or less on Construction Loans? by silverlining843 from Alexander, Kansas. Nov 4th 2013
Yes, FHA does offer one, however, we only offer major rehabilition in our FHA 203Kloans. There are a few lenders out there that can provide the new construction loanfrom FHA. Keep checking! I know someone in CA only.
Check with local community banks and possibly credit unions, most of the major lenders are still capped at 80 or possibly 85% for a strong borrower, but I know in this area 90% is available from a few different lenders.
Hello, the one poster is correct, FHA offers a construction loan that allows as little 3.5% down. If you own and have equity in the land, you can use that for the downpayment and in effect put 0 down. I offer this program nationwide. If you would like to discuss or get more information, please reach me at 301-651-7822 or by email at robhanson@emortgagegroup.com. Thanks!!
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