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FHA or non construction to permanent loans

looking to get either an fha construction to permanent loan or a conventional one I want to buy a property and put a premanufactured barn/shop/apartment on it. Wondering which lenders in my area may offer this type of loan by reyes70390 from Atascadero, California. May 25th 2017 Reply


Elva Wormley (ElvaWormley)
#776 ranked lender in California - 26 contributions

I can help you with an FHA Construction to Permanent loan, however these are the only eligible property types: Modular homes, double and triple wide manufactured housing, and one-unit stick built housing. Please feel free to give me a call at 408-615-8500 if you would like more information.

May 25th 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,683 contributions

More info needed.. If you are looking for a "Shop" as in someone who wants to run a business out of there home and have an apartment above or behind the property.. then this is 100% commercial, and would not be allowed with any conforming financing.. There might be an SBA loan available if want to start a business and need a shop to go with it.. SBA does not do real estate loans or construction loans unless the real estate and building are needed for the new business.. Example: you were granted a Yamaha franchise and you want to build a new facility.. this would be allowed.. If you are looking for a construction loan for a home to live in, then this would be available with conventional, but FHA is near impossible to find.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

May 25th 2017
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Larry Gray (lgray_312_247)
#3 ranked lender in California - 1,122 contributions

I would be delighted to compare our conventional renovation loan with our FHA 203k loan for you. We are actually one of the rare, competent lenders who deal directly with fannie mae on our FHA 203k loan. We have our own department to make a complicated loan far smoother and faster on both types of loans. It definitely makes our FHA 203k loans the lowest rate/costs in the marketplace.Our renovation loans are very competitively priced. You can contact me via my profile. If you put in my name and mortgage or home loans I show up quite a bit.

29 days ago
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Larry Gray (lgray_312_247)
#3 ranked lender in California - 1,122 contributions

In a hurry I just put in my "2 cents worth" on offering up comparisons and quotes on our alternative renovation and rehab loans. However, your question is really about purchasing and adding a pre-manufactured so forth and so on and automatically a no-no with conventional renovation loans. You likely need a special loan at a higher interest rate. As to FHA:The 203(k) mortgage proceeds may not be used to finance costs associated with the purchase or repair of any luxury item, any improvement that does not become a permanent part of the subject Property, or improvements that solely benefit commercial functions within the Property, including:o recreational or luxury improvements, such as:o swimming pools (existing swimming pools can be repaired)o an exterior hot tub, spa, whirlpool bath, or saunao barbecue pits, outdoor fireplaces or hearthso bath houseso tennis courtso satellite disheso tree surgery (except when eliminating an endangerment to existingimprovements)o photo muralso gazebos; oro additions or alterations to support commercial use or to equip or refurbish space for commercial use.

29 days ago
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