how much down for a construction loan

How an fha construction loan Works. BY The Lenders Network.. FHA home loans are great because of their low credit and down payment requirements.. The credit requirements for a construction loan is much higher than a traditional FHA loan because of the complexity and the risk it involves.

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An FHA construction loan provides a homebuyer with the same key advantages as other types of FHA loans. These include the following: Reduced down payments as low as 3.5 percent in many cases

What Is a Home Construction Loan – Process & How to Qualify – The Construction Loan Rate. With a construction loan, as with all other loans, you must pay interest on the money you borrow. Typically, construction loans are variable rate loans, and the rate is set at a "spread" to the prime rate. Essentially, this means that the interest rate is equal to prime plus a certain amount.

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Once construction ends, your loan repayment begins. Many homebuyers choose the convenience of having their construction loan combined with their standard mortgage plan, in something called a construction-to-permanent loan. This eliminates the need to refinance after construction and undergo two separate closings. How do construction loans work?