Make Your Home Your Dream Home!

Whether remodeling or building your dream home from the ground up, we specialize in keeping families in their homes, school districts, friends and communities they love.

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


Do you want more information?

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

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!

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.

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.

Carl and his team are great; we’ve purchased a home and refinanced through him and each transaction went smoothly and closed on time. My only regret is that we didn’t obtain our loan with Carl for our first home!

-Stephanie R., March 25, 2018, ,

We worked with Carl and his team at Benchmark in purchasing our first home. They were very accommodating. They helped settle our fears and anxieties on our first mortgage. Very professional.

– Leland F., February 20, 2018,

The whole team at Benchmark kept us informed at each step of the process, answering any questions we had along the way. Thank you to the entire Benchmark Mortgage staff. We love our new home.


– Kenneth F., March 2, 2018

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