Home is not constructed by me.
Home will be completed before closing.
Home is newly constructed.
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Best Expert Answer
FHA home loans are allowed for approved New Construction, Existing Construction, and Proposed Construction mortgages. An appraisal will be required for all new purchase properties, as per HUD 4000.1, which states "The Mortgagee must order a new appraisal for each case number assignment and may not reuse an appraisal that was performed under another case number, even if the prior appraisal is not yet more than 120 Days old." Hope this helps!
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