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can i buy and build on land using usda loan?

i have looked into construction to perm financing and not an afforadable option for me. by vinh7mok786243157 from Augusta, Georgia. Sep 10th 2014 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,565 contributions

USDA does NOT offer a construction loan. But a brand new home just built is OK. You can get a new construction home if the builder handles everything. You sign a purchase agreement, give them a little earnest money up front, and then close with a USDA loan when the home is finished - or if the home is new construction, already built, and has never been occupied. www.MortgagesUnlimited.biz/usda

Sep 10th 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

USDA does not do construction loans.. If you already own the land, and it's paid for, then there are lenders who will allow the land value to be used as your required cash contribution. Then you can use a regular construction loan, and once the home is complete, apply for a mortgage with any lender.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Sep 10th 2014
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

Completed, move-in ready properties are the only type permitted by USDA.

Sep 10th 2014
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Sorry my friend but USDA will not do a construction loan.

Sep 10th 2014
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CLYDE PENTON (GAlenderforheroes)
#90 ranked lender in Georgia - 27 contributions

As you can see, USDA does not offer construction lending. Joe and William have both provided great options on how to go about the process that ends with a USDA loan. I am not sure what your ability is for down payment, but there are some available options with as little as 10% down on straight construction to perm loans in Georgia. I am available to discuss any of these options. Let me know if I can be of assistance. Clyde Penton NMLS#979755 404.604.7013 CBC National Bank

Sep 11th 2014
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#135 ranked lender in Florida - 644 contributions

No

Sep 11th 2014
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