Compare one-time close construction (conventional, VA, FHA) plus HomeStyle and FHA 203(k) renovation loans with Kamron Kimbrough at reAlpha Mortgage.
Construction & Renovation Loans | Kamron
Compare one-time close construction (conventional, VA, FHA) plus HomeStyle and FHA 203(k) renovation loans with Kamron Kimbrough at reAlpha Mortgage.
Construction & Renovation Loans One-time close, HomeStyle & 203(k)
What Are Construction & Renovation Loans?
Programs that may fit
One-Time Close Construction
Conventional OTC
VA One-Time Close
FHA One-Time Close
Renovation & Rehab: HomeStyle & 203(k)
Build vs. Rehab — Which Path Fits?
Frequently Asked Questions
Ready to Build or Rehab?
LOAN PROGRAMS
Build new or rehab an existing home with at — conventional, VA, and FHA one-time close, plus HomeStyle and FHA 203(k).
These programs finance a new build or the work a finished purchase loan will not cover. One-time close construction rolls the build and the permanent mortgage into a single closing. Renovation loans (HomeStyle and FHA 203(k)) wrap purchase or refinance together with a rehab budget. Programs, rates, and eligibility vary — not all applicants will qualify.
Quick Eligibility Check
Educational suggestions based on typical guidelines — not a credit decision, pre-approval, or a commitment to lend.
One closing for the build and the permanent loan. Conventional, VA, and FHA each have an OTC path — the right one depends on occupancy, credit, and down payment.
Fannie Mae construction-to-permanent. Interest-only during the build, then conversion to a conventional mortgage. Lot equity can often count toward the down payment.
For eligible veterans, active-duty, and qualifying spouses. Often $0 down on the construction-to-permanent loan, with VA residual income and builder requirements.
FHA construction-to-permanent for borrowers who need a lower down payment or more flexible credit than conventional construction. Down payment is typically 3.5% of the total acquisition cost (lot plus build). MIP applies on the permanent loan. Plans, specs, and the builder still have to meet FHA construction rules.
For existing homes — not vacant-land new construction. Both can finance purchase-plus-rehab or refinance-plus-rehab. Guidelines change; this is an overview, not a commitment to lend.
New construction and renovation are different files: builders, draw schedules, and appraisals work differently. If a standard purchase of a finished home works, that path is usually simpler.
New construction
One-time close (conventional, VA, or FHA) when you are building on a lot. Plans, specs, an approved builder, and a draw schedule are part of the file. Two-close construction is an alternative if OTC does not fit the builder or timeline.