Compare one-time close construction (conventional, VA, FHA) plus HomeStyle and FHA 203(k) renovation loans with Kamron Kimbrough at reAlpha Mortgage.
Compare one-time close construction (conventional, VA, FHA) plus HomeStyle and FHA 203(k) renovation loans with Kamron Kimbrough at reAlpha Mortgage.
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.
Fixer-upper purchase
HomeStyle or FHA 203(k) can include the rehab in the loan so you are not stacking a purchase mortgage and a separate construction line. The appraisal is typically as-completed.
Own it already
Refinance-plus-rehab with HomeStyle or 203(k) can fund the work from a new first mortgage. If your current rate is already low, compare a HELOC or home equity loan on the Refinancing page instead of replacing the first mortgage.
Get answers to the most common questions about construction and renovation loans
Share the lot, the builder, or the rehab scope — will help you compare one-time close construction, HomeStyle, and 203(k).
Helping you explore home loan options with clear information and personal guidance.
Quick Links
Contact
Cell:
Direct: (318) 374-1184
Jena, LA 71342 (by appointment only)
Kamron Kimbrough (<a href="https: <a href="https: and <a href="https: . Some images on this website may be AI-generated and are used solely for illustrative purposes.