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The Total Project Cost is determined by adding the value of the land to the amount needed to build the home. This must be genuine saved equity or from the sale of a property not a gift or another loan.
Value of land $.........
+
All costs of construction $......... = Total Project Cost $..........
X
5%, 10% or 20% =* Required Equity $.........
*(When you have paid at least this amount toward the purchase of your land and / or toward construction, you will have satisfied the equity requirement.) >>
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