/biz/ - Business & Finance

I'm actually looking into buying an acre or two of land in PA and build a home on it. It seems cheaper even if its involved and i get a new custom house out of it.

USDA does 0 down low interest mortgages in town less than 35k people which is a lot of people. Anyway, on their website calculator, it said I'd be approved for a $120k loan @ $500/month. Im looking at eastern PA and found lots for $5-20k, then use the rest on the build.

I was looking at what regular banks do if you wanna build and basically it works is ypu get a short, one year construction loan with 20% down required. Then when it's done you mortgage the finished house. I feel like kikery happens this way.

Anyone with experience can shoot me some tips or in the right direction?