Renovation Home Loan

GoPrime Mortgage, Inc. offers a FHA Renovation Home Loan as just one of its many loan packages available. FHA Home Loans have been helping people since 1934. The Federal Housing Administration (FHA) insures the loan, so we can offer you a better deal. Are you interested in:

  • Low down payments
  • Low closing costs
  • Easy credit qualifying
  • 203k Limted
  • 203k Standard

For Questions: Call (828) 348-1907

Many mortgage loan products which are well suited for first-time homebuyers, FHA loans have more relaxed requirements than conventional mortgages. In some cases, you can have a recent bankruptcy in your past and still qualify for a loan. Protected by the Federal Housing Administration, these loans may be attractive to first-time homebuyers for these benefits:

• Down payments for an FHA loan may be as low as 3.5% of the purchase price, not 20% or more.
• You can use a monetary gift for your down payment and closing costs.
• You can get either fixed or adjustable interest rates with a FHA loan.
• FHA loans may be streamlined, so you need less paperwork, simplifying the process.
Grants and down payment assistance programs help you cover closing costs.


What is a FHA Renovation Home Loan?

  • 203k Limited and 203k Standard option offered for both purchases and refinances

  • Offers a solution to help borrowers obtain financing that covers both the acquisition and/or rehabilitation of the property.

To learn more about the benefits of FHA Renovation Home Loan, please contact us.

FHA203(k) Renovation Home Loan

Limited Features

203(k) Limited option is intended to help facilitate uncomplicated improvements/repairs.​

  • No minimum rehabilitation amount ​
  • Maximum $35,000 in total rehabilitation costs ​
  • Does not require an FHA HUD Consultant or a General Contractor​
  • Up to 3 licensed contractors allowed ​
  • Work to start within 30 days of closing ​
  • Work to be completed within 90 days ​
  • 2 draws permitted ​
  • 50% of Contractor(s) Bid at Closing

FHA203(k) Renovation Home Loan

Standard Features

Used to CONSTRUCT, REPLACE, or for ADDITIONS , Standard 203(k) additions are large scale add-ons , For complicated projects and cosmetic updates 

  • Requires an FHA HUD consultant 
  • Minimum cost of repairs is $5,000; no max repair amount 
  • Contingency reserve 10-20% (determined by HUD consultant) 
  • Work to start within 30 days of closing 
  • Work must be completed within 180 days of closing 
  • Maximum of 5 draws permitted
  • General Contractor is required  
  • Additional specialized contractor(s) allowed for technical items 
  • Can finance up to 6 months PITI if home deemed uninhabitable by HUD consultant
  •  No funds are disbursed to contractor or borrower at closing
  • As repairs/renovation work is completed and draws are requested: 
  • 10% holdback is withheld from each draw 
  • Draws released when acceptable Consultant inspection(s) received 

Contingency Reserves explained:

A Contingency Reserve is held in the Borrowers Renovation Escrow Account from the loan proceeds to cover health and safety costs that arise during construction (i.e. mold/termite)

FHA 203(k) LIMITED – Any funds remaining at the end of the renovation process must be applied as a principal reduction.​ 

FHA 203(k) STANDARD -Any funds remaining at the end of the renovation process may be applied as a principal reduction or a change order can be submitted for review and approval.​

FHA203(k) Limited Renovation Home Loan – Eligible Repairs

Repair/replacement/upgrade of mechanical items such as: 

  • Roof, gutters/down spouts ​
  • HVAC systems ​
  • Plumbing/Electrical systems ​
  • Flooring ​

Minor remodeling (i.e. kitchen/bath without structural changes) 

Painting (exterior and interior) or lead paint stabilization 

Weatherization (i.e. storm windows and doors) 

Purchase and installation of appliances 

Mold remediation 

Well/septic minor repairs 

FHA203(k) Limited Renovation Home Loan – Not Eligible Repairs

Major rehabilitation work not eligible: 

  • New construction ​
  • Relocation of load-bearing walls ​
  • Room additions ​
  • Repairs of structural damage ​

Repairs identified in appraisal as requiring a: 

  • Consultant Work Write-Up 
  • Plans or architectural exhibits 

Installation of well/septic not eligible (minor repair is ok) 

FHA203(k) Standard 

Renovation Home Loan

Eligible Repairs

The FHA203(k) STANDARD option is used for more complicated projects. Eligible repairs include: 

Major structural alterations and additions ​

Major landscaping and site improvements ​

Repair swimming pool  ​

Remodeling of rooms, including kitchens & bathrooms ​

Relocation of load bearing walls ​

Construction or rehab of detached garage ​

Converting multi-unit to a single unit or a single unit to a multi-unit ​

Basement finishing or waterproofing ​

Appliances used in remodel​

Well/septic work​

Retrofitting a home for Special Needs or Handicapped Access features ​

 FHA203(k)Limited – Tips

Total rehabilitation cost (labor/materials) should not exceed the following amounts to allow for contingency reserve: 

  • 10% contingency: approx. $31,250 total rehab cost 
  • 15% contingency: approx. $30,000 total rehab cost 

Fees cannot be waived or altered to adjust below the maximum repairs of $35,000 

  • This includes borrower-financed contingency reserve 

Borrower cannot pay for any portion of the project outside of closing 

  • Ex: Cannot pay for materials not covered in bid 
  • Ex: Borrower cannot do demo work 


About Us

How we can help you

Although labeled an independent mortgage lender, GoPrime Mortgage, Inc. is not a one-man operation. Zachery Adam and his Team has the support of a streamlined operation, with professionals who assist in every phase of the loan process. His team includes an appraisal vendor, loan processors, underwriters, closers and even the CEO or president if needed. When you choose to work with Zachery, you get the support of his team as well.

Zachery Adam

It’s important to Zack that he and his team are approachable and can provide assistance to home buyers who are often inundated with misinformation about the financial picture and mortgage options. In an automated culture reliant on digital communication, it’s time to put the human element back into these conversations. He could never be behind the scenes.

When you apply securely online with GoPrime Mortgage, Inc., we will contact you within 24 hours or less.

We want to be more than your mortgage lender.

The company, like Branch Manager Zachery Adam, wants to become the go-to destination for people who have questions about real estate financing and the mortgage application process. Applying for a mortgage can be a frightening process at a bank. GoPrime Mortage, Inc. aims to keep the process simple.

Our mission is to:

  • Provide holistic mortgage planning for every customer
  • Offer simple, strategic solutions for all homebuyers
  • Supply reliable services for real estate investors
  • Educate the public on the mortgage process
  • Keep the mortgage process simple for all customers
  • Inform real estate agents of the latest mortgage news

In short, GoPrime Mortgage, Inc. will provide complete, inclusive mortgage solutions that are educational, transparent, honest and sincere. No other bank or independent mortgage lender can beat the service and prices — the complete package — that GoPrime Mortgage, Inc. offers.


GoPrime Mortgage, Inc

Contact Info

862 Haywood Road Asheville, NC 28806


Teona Rodriguez

Teona Rodriguez


“I wake up every morning with incredible appreciation. I love what I do.” 

Daniel Priest

Daniel Priest

Loan Officer

He likes to work with clients new to the homebuying process. Remembering what it was like for his family, he can take his knowledge of the mortgage industry and make that process easier.

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