Not totally a Mustachian question, but due to the respect I have for everyone here, I feel this is the best place to ask any question involving such an important purchase.
I am looking to BUILD a home on some acreage. I have zero experience with this, so I would obviously be hiring a builder to do the work for me, but I want to monitor it and have a home that is suited to my exact needs and style. I also want land, not a huge amount, but at least 5 acres so I have space to spread out and grow.
My question really comes down to the difficult of obtaining a loan for a new build. Do I need to buy the land first or can I wrap land and a new build into the same loan? My credit isn't perfect, mid 600's... and the home would probably be modular on a slab in order to reduce the cost of the build and allow us to get a bigger house with less investment.
Beyond the loan, what should I expect as part of the process? I have never owned a home as I have always assumed I got a better return from renting and investing than from a mortgage, but as rental rates have jumped dramatically in my area, the cost of a mortgage/maintenance has dropped below what I pay to rent, making it a viable and more intelligent option.
Any help or experience anyone can provide would be greatly appreciated. This would be my very first home. I do qualify for a VA and I assume FHA as well since I would be a new homeowner.