Plz guilde me in the process of home building? new construction/mortgage loan?

Plz guilde me in the process of home building? new construction/mortgage loan?Plz guilde me in the process of home building? new construction/mortgage loan?
GeorgeFethy asked 5 years ago

Good afternoon,


So I finally got approved for a home mortgage loan, however I only got approved for 120,000 I am in the dfw area. I am really shocked I didnt get approved for more, but I was told due to me having a car loan with about 10,000 left that counts against the amount I can get approved for. Ok so its an FHA loan and from my understanding they are very particular with what they will approve you for. So with that my options are very low, I would love to have an updated kind of house but I dont see anything I like less than 140k. From my understanding I cant even get a fixer upper. So I am so confused on what I should do. I looked in a new community where I would like to buy a house at and their homes are very beautiful but expensive nothing less than 180,000. I dont know if I should wait until I make more money and pay off my car or what because after seeing the new homes I would love to get one built. I have a teen so I would love to buy a house where she can call her own before she leaves home which will be in in about 6 years. There is a community in my area that has so many open lots and the homes are being built by First Homes. However it says the starting prices are 180k. So it possible to buy a lot in that community and get it built by a different contractor for a lower price. I would love to atleast build a starter home and upgrade over the years. I know building in a certain area the houses will have to be up to par but I would love just the least expensive to atleast get started. So I have been doing my research and I am not finding a lot of information on the actual process. I have read that you have to have a new construction loan and a mortgage loan and some lenders offer a 2 in 1 type of deal. I also have read when getting a home built you have to have at least 20% in earnest money or a downpayment. Can someone please direct me in the right area. I know dallas has first time home buying assistance programs but its not for building a home. I also know Dallas has the habitat for humanity home building program but they only build in the most urban low income areas. So from my research there are no home building programs in the DFW area and building a home is very costly…PLEASE HELP

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