FHA ONE-TIME CLOSE CONSTRUCTION LOAN

An all-in-one financing solution to build your dream home 

Low inventory and rising prices can make buying a home challenging. There’s no reason to wait for your perfect home to become available on the market. With an FHA construction loan from Greenway you can build the home you want—and finance it with just one application and one closing. It's that simple!

Program Details:

• 1 time close
• Owner Occupied (1-2 units); 96.5% LTV
• Only 3.5% down required, depending on loan size* 
• 680 min credit score

Benefits:

• Consolidate construction & purchase price for only 1 set of closing costs & fees
• Purchase a tear down property 
• If you already own an empty property & want to build a home, tear down & put up a new one, or do a major renovation on an existing home
• Pay just interest-only payments during construction
• Avoid requalification post-construction
• Simple & flexible draw process with no set schedule
• Use qualified licensed builder of your choice (self-build not allowed)

Have Questions about Greenway's FHA Construction Loan? Fill out the form below. 

FHA Is Not The Only Construction Program We Have!

Be sure to check out our Standard, USDA and VA Programs Too:

• Standard Construction Loan
• USDA Construction Loan
• VA Construction Loan

How Do Construction Loans Work?

Overall Process:

• Builder Approval 
• Project Approval (appraisal, plans & specs, costs from builder)
• Borrower Credit Approval
• Initial Draw at Close (up to 50K) to get project started and/or reimburse for any materials already purchased

Construction Period

• Post close welcome call from construction management company
• Inspections done as work is put in place, then checks for draws issued to builder and borrower
• Once work is done, loan is modified into a standard 30 year fixed loan at present market rates (vs. the interest only loan in place during construction). Borrower is able to pay down balance on converted loan in the event other property they owned has been sold in the meantime. *NO CLOSING COSTS*

Specialized Features

• Stalled projects
• Modular construction
• Major renovations (projects beyond scope of renovation programs)

Click here to learn everything you need to know about Construction Loans and download our Construction Loan Guide here.

*Finance up to 90% of project (purchase price + cost to construct). Eligibility requirements, exclusions and other terms and conditions apply.