Financing a house in need of some renovations

[Jarret Durst]

Hello BP people. I’m going under contract for a house for 40k. This is great, but I’m running into some issues. My original lender said I have to spend at least 100k for a renovation loan (mortgage+renovation costs). Then other lenders are telling me there is no such thing. So, I’m lost, what would be the best approach for me? The house is estimated at $170k.

thanks y’all 

[Kirill Gerts]

Quote from @Jarret Durst:

Hello BP people. I’m going under contract for a house for 40k. This is great, but I’m running into some issues. My original lender said I have to spend at least 100k for a renovation loan (mortgage+renovation costs). Then other lenders are telling me there is no such thing. So, I’m lost, what would be the best approach for me? The house is estimated at $170k.

thanks y’all

 Just change the lender to more flexible one (like me;))