There are 3 types of Construction Loans available.

203K, HomeStyle Renovation and One-Time Close Loans

Construction loans cost more because the risk is higher then with traditional loans. Qualifying for the highest possible loan amounts, the lowest interest rates and the very best loan programs is worth the effort of a little strategic planning and preparation; I would love to help you with that process.

The Pros and Cons of HELOC loans - Home Equity Line of Credit

Max loan amount is $500,000

Your Credit Sore needs to be between 680-750.


~ 2-5 years draw periods interest only

~ 20 year fully amortitized

Draw Period- Use it, pay it back, use it, pay it back, as may times as you want.

These are just guidelines and every lender has their own terms.


Is the 203k Construction Loan Right For You?

203k Construction Loan has more flexibility. You can have Lower FICO Scores and Higher debt-to-income ratios. One of the most popular and diverse home improvement loans is the FHA 203k. You can make home improvements to the house you want, or the home you already own. Use the funds for simple upgrades to your home like a kitchen or bath improvement, or to completely reconstruct a home that is presently unlivable. You can even use a 203k Rehabilitation Loan to tear down most of an existing structure and build a new one using some portion of the existing foundation. You can borrow up to 100% of the appraised value – based on the value when the improvements or repairs are completed.


With The FHA 203k Construction Loan You Can: Remodel the kitchen Add Baths Add square footage Add a second story Replace a roof Re-side the home Replace appliances Replace windows Re-paint inside and outside of the house Put in new flooring Build or replace a deck/patio/porch Repair or replace the septic system

Don’t know if the One-time Close Loan is right for you?

1. What is a 203K Construction Loan?

Through the Federal Housing Administration (FHA) 203(k) Rehabilitation program, borrowers can purchase or refinance a home and include repair costs with a single mortgage. A 203(k) loan has a lower down payment requirement compared to other rehabilitation options for financing, which puts rehab projects within reach for individuals who otherwise could not afford them. Borrower eligibility and credit qualifications for this product are the same as any other FHA loan, with the same FHA maximum mortgage limits applying. 30-year fixed rate mortgages offered!

2. How can the 203K Construction Loan be used?

Expand your market reach to finance homes below property standards or buy a property in need of modernization and repairs. Help low to moderate income families, first-time homebuyers, or buyers with limited cash, to purchase a home with as little as a 3.5% down payment or refinance with 3.5% equity.

3. Why use 203K Construction Loan?

With a 203(k) loan, the borrower may simply obtain one mortgage at a long-term fixed rate to finance both the acquisition and the rehabilitation of the property or to refinance current property. The 203(k) loan provides the funds for the rehabilitation of the property on both purchases or refinances of the existing properties. The 203(k) total loan amount is based on the projected value of the property with the work completed, including the cost of the rehabilitation.

Have Questions? Talk to Carl Now!

Hello, my name is Carl Spiteri. Thank you for coming to my website. If you’re here, you’re looking for answers to a question. A financial question? An economic question? I strongly believe that financial literacy paves the way to financial success. Let me help you on that road. I have been answering questions about commercial and residential lending, credit scoring, budgeting and all things money since 1991. I have faced the same issues, the same goals and the same dreams. I analyze families’ financial situations to give them the best possible guidance. I am an adjunct professor at Woodbury University, teaching architects about project finance. I also teach the course “Basics of Lending” for the California Association of Realtors. I broadened my own education and experience in credit and debt management so I could show you all the financial options available, from the garden variety to the out of the box choices. I figure out what makes sense financially for you and aim to explain it in the simplest and clearest terms. My passion for financial literacy was an outlet in the non-profit partnership with Herocare, an organization committed to educating and supporting community heroes across the nation. I know what you’re going through because I’ve been there myself. I love numbers and financial data. Let me finesse your own to fit your life. Dream. Plan. Achieve. Carl Spiteri | NMLS #286890 6333 Greenwich Drive, Suite 205 San Diego, CA 92122 Phone: 619.544.6444 Benchmark Mortgage DBA Ark-La-Tex Financial Services, LLC NMLS# 2143