FHA construction loans

Kay and Eddie came to us as first-time homebuyers hoping to buy an existing home. They went under contract twice but weren't happy with what was available in their price range, so they started looking at building instead. After they found land, their first builder turned out to be unfamiliar with turnkey barndominiums and the draw process a construction loan requires, and eventually backed out. Rather than risk losing the property, they secured a land-only loan to buy it and used the extra time to handle some site prep themselves. They then partnered with Summertown Metals, closed on their FHA one-time-close loan using gift funds from family for the down payment, and have since moved in.

Ken and Connie were ready to leave California and build on land they already owned in Tazewell, Tennessee. Working with Clayton Homes of Kingsport, they chose a modular home and started the financing process with a bank in Kentucky, but communication was poor and their calls eventually went unreturned. That's when they reached out to us. Since Connie works remotely, the move didn't mean giving up her job, and the couple handled much of the process from across the country. Their land's value served as their down payment rather than cash savings. They completed their FHA one-time-close loan, made the move east, and are now settled into their new home.

Pete came to us through a referral after working with four or five manufactured home dealers before landing on Clayton Homes of Alcoa. He and Susan owned a few acres with a small, older home already on the property, so they had the land surveyed and divided off a portion for their new home to sit on. Underwriting and the appraisal went smoothly, but the new survey brought several county reviews and sign-offs that took longer than anyone expected. Nobody did anything wrong; the process simply took time. Pete and Susan are now under construction on their FHA one-time-close loan.