- The home have to be your primary home.
- The designers must be approved by the FHA.
In addition, the borrowed funds dont surpass the newest FHA’s yearly constraints. In 2021, the borrowing limit try $420,680. Yet not, this restriction was enhanced in a number of elements (such as for example Hawaii, Los angeles, Seattle, and you may Alaska).
The procedure to make use of an enthusiastic FHA loan to create a home is much more on it than just to find an existing assets.
Read More “What’s the strategy to play with an enthusiastic FHA financing to build a property?”