Ok I think I figured it how!
Here are two different pictures. The first picture is when we bought the land last year. It was very heavily wooded. The second picture is from August 7, 2009! We had some of the trees cleared, but we haven't decided if we were going to clear anymore at this point on! Enjoy!

As I understand it, FHA 203K loans are for rehab and renovation. I'm just curious how you are using it for new construction. Nice lot!

worthy,

On our paperwork, it does not say anything about a FHA 203K loan! It is a TRUE FHA Construction Loan that turns into a FHA Loan once the house is built. We only had to finance for 29.75 years instead of 30 years since we have 9 months to build the house (which bank gave us that extra time cushion). Hope this answers your question. Again, it's not rehab or renovation. It is strictly NEW BUILD! Also, we called and spoke with Wells Fargo and they were they ones that tol us about the loan! Then we went to our loan officer that got us the loan for the land. Also, I searched the internet over and over trying to look for that loan as well when they told us about it, couldn't find it! Sometimes you just have to call and talk to the Loan Officers!

Angrog,

Glad to see you're getting started.. I'm here in Columbus as well and I designed two new homes for my girlfriend and her brother out on Buckeye Lake and helped them put all the numbers together and build.. We are now in drywall stage on one and interior trim on the other. Mind if I ask whereabouts you are building? . If I can be of any assistance on suppliers etc locally don't hesitate to contact me. I am assuming your GC has most of that covered but you never know... bigkahuna9@aol.com Good Luck You are building at a good time with materials and labor at lower costs and good weather !

bigkahuna, thank you for your post, I emailed you as well! Now is a great time to build while the building costs are down! We are building a 2500sq ft ranch for around $96.00 a sq ft. and take into account that it is has a 8/12 roof pitch, 9 foot ceilings throughout, Poured Full Basement, Amish Built Cabinets with Formica in kitchen (I had to sacrifice so my husband could get Geothermal), Geothermal heating, Cellulose Insulation and so forth. So I think we are doing it at a very fair price and with the interest rates, the time to build is now (granted, if you can)!

We came out to the land after it was cleared and look what was welcoming us to the neighborhood!