Construction & Renovation Loans One-time close, HomeStyle & 203(k)

Construction & Renovation Loans | Kamron Kimbrough, GoRascal

Compare one-time close construction (conventional, VA, FHA) plus HomeStyle and FHA 203(k) renovation loans with Kamron Kimbrough at GoRascal.

Construction & Renovation Loans One-time close, HomeStyle & 203(k)

What are construction and renovation loans?

Programs that may fit

One-time close options for a new build

HomeStyle and 203(k) for existing homes

Fannie Mae HomeStyle

203(k), Standard and Limited

Build vs. Rehab — Which Path Fits?

Start with the plan, the builder, and the budget

Frequently Asked Questions

LET'S TALK

Build new or rehab an existing home with at — conventional, VA, and FHA one-time close, plus HomeStyle and FHA 203(k).

The basics

These loans finance either a new build or the work a standard purchase loan does not cover. One-time close construction combines the build and the permanent mortgage into a single closing. Renovation loans, HomeStyle and FHA 203(k), combine the purchase or refinance with a rehab budget.

Not every product is offered by every lender, and each has its own builder, plan, and property rules. The right fit depends on whether you are building or renovating, how you will hold the home, and your down payment and credit.

Quick Eligibility Check

Educational suggestions based on typical guidelines — not a credit decision, pre-approval, or a commitment to lend.

New construction

Conventional, VA, and FHA each have a one-time close path. The right one depends on occupancy, credit, down payment, and whether you are eligible for VA benefits.

Not every builder, lot, or lender is eligible for each program. Down payment and loan terms depend on your file and the lender's current offerings.

Renovation and rehab

Both programs are for existing homes, not vacant land. They can finance a purchase plus rehab or a refinance plus rehab. The lender values the home after the work, so the plan and the contractor both matter.

Conventional

A conventional renovation loan based on the value after improvements. A licensed contractor is typically required. It follows conventional credit, down payment, and mortgage insurance rules, and it can suit larger or more custom projects when credit and equity support a conventional file.

Contractor and scope documentation are typically required.

Renovation limits and overlays depend on the lender and the appraisal.

FHA

FHA rehab financing for a primary residence. Standard 203(k) covers larger work, such as structural repairs and additions, and usually requires an FHA 203(k) consultant. Limited 203(k) covers smaller, non-structural repairs with a capped rehab amount. The home must meet HUD minimum standards after the work.