Teacher Built a New Home on a Modest Salary: Here’s How
- By Jim Blackburn
- on
Client Profile
- Name: Alina D.
- Age: 29
- Profession: Elementary School Teacher
- Location: Greenville, SC
- Land Price: $72,000
- Construction Budget: $295,000
- Loan Type: FHA One-Time Close Construction Loan
- Down Payment: 3.5%
- Credit Score: 674
The Challenge
Alina dreamed of building her own home, but didn’t think it was possible on a teacher’s salary. With student loans and minimal savings, she assumed new construction was only for high-income earners.
What she needed was a low-down-payment option that included both the lot and the build—and would roll into a long-term mortgage automatically.
The Strategy
We structured an FHA One-Time Close Construction Loan, allowing her to:
- Finance the land purchase + build cost in one package
- Put down just 3.5% of the total combined cost
- Avoid two closings or requalification later
- Make interest-only payments during construction
- Roll into a 30-year FHA fixed-rate mortgage when the home was completed
The Outcome
- Alina closed with just $12,850 out of pocket, including all closing costs
- Her custom 3-bed, 2-bath home was completed in 6.5 months
- She built equity immediately, with appraisal value exceeding build cost by $30K
- Her monthly mortgage payment was $172 less than her previous rent
Quote from Alina:
“This loan turned a teacher’s salary into a brand-new home. It’s proof that you don’t need to be wealthy to build—you just need the right financing.”
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