Apply for an FHA Construction Loan.
Do you want one loan to buy the land, build a new home with a construction loan and then have the loan convert to a permanent loan?
A construction to permanent mortgage combines a construction loan (short-term loan for financing the cost of construction) and the traditional long-term permanent residential mortgage with a single mortgage closing prior to the start of construction.
The borrower must be purchasing the land at the closing of the construction loan, or have owned the land for six months or less at the date of application. At closing, after funds are disbursed to cover the purchase of the land, the balance of the mortgage proceeds must be placed in an escrow account to be disbursed as construction progresses.
FHA has taken the following steps:
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What Credit Score is Needed
to Cash Out?
FHA requires a minimum 500 credit score to refinance
VA requires a minimum 500 credit score to refinance
Fannie Mae requires a minimum 620 credit score to refinance
Freddie Mac requires a minimum 620 credit score to refinance
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