Available for Virginia properties.
Construction and renovation loans
For Virginia buyers and homeowners who want to build a home or finance improvements in the mortgage, not with a separate credit card or unsecured loan.
One-time-close construction, FHA 203(k), and other renovation programs each handle draws, contractors, and the finished value differently.
How it works
A one-time-close construction loan can finance the build and then convert to a permanent mortgage without a second closing, on programs that offer that structure. FHA 203(k) and other renovation loans wrap purchase or refinance funds together with a documented rehab budget.
These are consumer, owner-occupied (or eligible occupancy) products for Virginia. Ground-up construction for investment properties is a different product on the Investor Loans hub.
Rockhouse Mortgage compares construction and renovation programs, including how draws, contingency, and contractor requirements work, before you are committed to a builder timeline.
What lenders look at
- Plans, budget, and contractor qualifications
- Credit, income, and reserves, including contingency
- Property and, for 203(k), the nature of the work
- Occupancy after completion
Eligible properties
- Homes being built or renovated for the borrower to occupy in Virginia
- Property types permitted by the specific construction or 203(k) program
Want help comparing programs?
Rockhouse Mortgage compares wholesale lender programs for the scenario in front of us. Start with a call or an online application.
Frequently asked questions
What is the difference between one-time-close and a construction-only loan?
One-time-close is meant to become your permanent mortgage after the build, without a second closing. Construction-only expects a separate take-out loan. Which is better depends on the project and the program.
Is FHA 203(k) only for major rehabs?
There are limited and standard 203(k) paths. The right one depends on the scope of work. We review the bid and the property before choosing.
Can I live in the house during the renovation?
It depends on the work and the program. Some renovation loans allow occupancy; heavy construction often does not.
Do you finance investment flips on this page?
No. Fix-and-flip and investor ground-up construction are on the Investor Loans hub. This page is for Virginia home loans.
Line up construction financing with the build
Share plans or a rehab bid and whether you will live in the home. We will compare one-time-close, 203(k), and other renovation options.
703-999-0903Loan programs, rates, fees, terms, and eligibility requirements are subject to change without notice. All loans are subject to credit, income, asset, property, and underwriting approval. This information is for educational purposes only and is not a commitment to lend.
Rockhouse Mortgage, LLC · NMLS #2469785 · Harry Hager, NMLS #647108 · Licensed by the Virginia Bureau of Financial Institutions · Outside Virginia, business-purpose investment property loans only · Equal Housing Opportunity