step 1. Select the land we should build into Consumers should also understand that they should spend a home loan insurance superior (MIP). FHA MIP keeps an upfront price of 1.75% of your own loan amount (rolling into financial) and you may an annual charges of always 0.85% of your own amount borrowed repaid month-to-month. After you have hit 20% household equity, you can refinance to finish mortgage insurance rates and lower your monthly premiums. FHA construction financing assets requirements […]