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The FHA construction loan program grants a short-term loan that transitions into a long-term permanent loan after your home is built. The main advantage of this program is that the purchase and construction costs in a single mortgage loan. So instead of borrowing once in the form of a short-term loan to buy a site to carry out the needed construction, and then repaying that loan by borrowing again, you effectively borrow just once. And that means lower fees and other closing costs. However, a slightly higher rate is possible.
FHA stands for federal housing administration, which is a part of the US Department of Housing and Urban Development. They don’t lend the loan themselves, but they guarantee the mortgage made to a qualified buyer. The rules for FHA construction loan eligibility apply to construction loans the same as to other non-construction FHA mortgages. If you are ready to start the process of a FHA Construction Loan, apply now and an expert will help you with the entire process!