FHA-backed construction mortgages are available for site-built, manufactured and modular homes. Generally, when homebuyers have their homes built from the ground up they use construction loans followed by permanent mortgages. Fortunately, a mortgage product called a "construction-to-perm" loan is available that doesn't require two separate loans complete with separate closing costs. While a construction-to-perm loan might seem likely only for more well-to-do homebuyers, the Federal Housing Administration actually does offer its own version. An FHA one-time close mortgage truly allows you to have your home built and financed under one loan.
FHA's one-time close mortgage is offered by banks approved to lend using FHA-insured mortgages. Additionally, an FHA one-time close mortgage can be used for traditional site-built as well as manufactured or modular homes, including their lot purchases. Each FHA-approved one-time close lender, though, decides just what home types it will include in one-time close financing. For instance, some lenders only offer FHA one-time close mortgages for modular or manufactured homes while others also offer them for site-built homes. More
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