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Assistance for New Home Construction?

by Susan
(Kenai, Alaska)

We would like to have a home built on our property in Kenai, Alaska. We are low income and disabled. We have some money to put into the construction but not enough to be able to afford the home we need. We are both senior's (65 & 61) and depend on SSI, SS, Public Assistance, Medicaid and Medicare.

I have found several opportunities available for 'New Home Buyers" but have yet to see anything regarding 'New Home Construction."

As stated above we live in Kenai, Alaska
We own our land and mobile home outright. We need to keep our mobile home to live in until our home is built. All we are wanting is a home that is single story with handicap access and will be our 'forever' home.

Appreciate all the help you may offer.

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New Home - FHA Construction Loans
by: Jeffrey

Hello Susan,

Well I have to say, you got me stumped here. I've spent a serious amount of time trying find a construction loan program that would fit your needs.

I really do not have enough details to help you. However I will try and create a scenario that may or may not fit your situation.

You said you own your land and mobile home outright. Since the land is where you want to build a new home, I'm going to assume it is valued at $20,000 or more.

Then you say you have some money you can put towards a new home. Not knowing how much money, I'm going to assume you have $10,000.

So if you have say $30,000 to put into the deal, and if you have monthly income from SSI and SS to pay a loan back, you may want to look at the FHA Construction loan.

I'm also assuming you do not have any credit problems.

So if you have a monthly income around $3500, you could afford apx a $1000 a month payment.

That would allow you to borrow around $125,000. So with that money along with your land and cash you should be able to spend about $150,000 to build a new house. Hopefully that would build you a nice 1,000 square foot home with handicap access.

The FHA Construction loan does have several requirements you would have to meet.

Check out this page of my website for more information. Click here to visit my FHA loan page.

On this page I describe the FHA loan product in detail and you will find a link to a recommended lender that may be able to help you out.

Until you talk to the right lender you will not know if this will work.

I also suggest you visit my mortgage calculator pages to estimate payments etc.

I hope this helps you. Thank you for stopping my my website and please help me spread the word by sharing this site on Facebook, Twitter or however you feel moved.

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