Building a Dream Home in Georgia Might Be the Best Choice for You

January 24, 2023

According to Zillow®, median home values in Georgia have risen by 14.20% in the year ending in January 2023, indicating significant growth in the state's housing market. The article highlights the advantages of constructing a new home in the state, including access to low down payment construction loans and the possibility of customization.

If you're a first-time or subsequent homebuyer looking to construct your dream home without stretching your budget, low down payment construction loans could be an excellent choice. These loans allow you to merge the land purchase and construction costs into a single loan, and you can benefit from an FHA insurable loan program with a down payment as low as 3.5% or a VA insurable loan program with a $0 down payment option.

Not having to make payments while your home is being built, not having to re-qualify after it's finished, and the possibility of qualifying for the loan with middle credit scores as low as 620 are just a few of the benefits that come with this loan type. Moreover, given the soaring prices and the competitive housing market's ongoing demand issue, constructing a new home might be the best way to locate your perfect home.

The FHA One-Time Close construction to permanent loan is a popular financing option for those looking to build a new home. It allows eligible borrowers to combine the land purchase and the construction costs into one loan, with a low-down payment of 3.5%. The loan covers Stick-Builds, modular, and manufactured homes across the country.

For eligible veterans, the VA One-Time Close construction to permanent loan program offers a $0 down payment option for purchasing land and financing construction costs. This program can be used for the same loan types as the FHA construction loan and is available nationwide.

FHA and VA One-Time Close construction loans are worth considering when building a new home in Georgia.


 FHA, VA, and USDA: One-Time Close Loans


Want More Information About One-Time Close Loans?

We have done extensive research on the FHA (Federal Housing Administration) and the VA (Department of Veterans Affairs) One-Time Close Construction loan programs. We have spoken directly to licensed lenders that originate these residential loan types in most states and each company has supplied us the guidelines for their products. We can connect you with mortgage loan officers who work for lenders that know the product well and have consistently provided quality service. If you are interested in being contacted by a licensed lender in your area, please send responses to the questions below. All information is treated confidentially.

FHA.com provides information and connects consumers to qualified One-Time Close lenders to raise awareness about this loan product and to help consumers receive higher quality service. We are not paid for endorsing or recommending the lenders or loan originators and do not otherwise benefit from doing so. Consumers should shop for mortgage services and compare their options before agreeing to proceed.

Please note that investor guidelines for the FHA and VA One-Time Close Construction Program only allows for single family dwellings (1 unit) – and NOT for multi-family units (no duplexes, triplexes or fourplexes). In addition, the following homes/building styles are not allowed under these programs, including but not limited to: Kit Homes, Barndominiums, Log Cabin Homes, Shipping Container Homes, Stilt Homes, Solar (only) or Wind Powered (only) Homes, Dome Homes, Bermed Earth Sheltered Homes, Tiny Homes, Accessory Dwelling Units, or A-Framed Homes.

Contact Us: Send Us Your Request – Spam Safe

Please send your email request to [email protected] which authorizes FHA.com to share your personal information with one mortgage lender licensed in your area to contact you.

1. Send your first and last name, e-mail address, and contact telephone number.

2. Tell us the city and state of the proposed property.

3. Tell us your and/or the Co-borrower’s credit profile: Excellent – (680+), Good - (640-679), Fair – (620-639) or Poor- (Below 620). 620 is the minimum qualifying credit score for this product.

4. Are you or your spouse (Co-borrower) eligible veterans? If either of you are eligible veterans, down payments as low as $0 may be available up to the maximum amount your debt-to-income ratio per VA will allow – there are no maximum loan amounts as per VA guidelines. Most lenders will go up to $1,000,000 and review higher loan amounts on a case-by-case basis. If not, the FHA down payment is 3.5% up to the maximum FHA lending limit for your county.