Your goals and story: My goal is to purchase a small homestead outside of Philadelphia and complete renovations prior to moving in. Due to the property being over 10 acres and needing repairs, I am having difficulty securing financing for the purchase & repairs. I can secure financing for the purchase but then not for repairs. I would like to do the purchase, repairs, and refinancing all with one lender if possible.  

Type of property: 10+ acre farm with a 4 bedroom, 2 bathroom 2900 sqft home

Location of property: Pottstown, PA (Chester County, 40 miles outside Philadelphia)

Purpose of financing: Purchase the property, Renovate/Repair the home, Refinance into Conventional

Type of financing sought: Not 100% sure. I am open to suggestions.

Current or prior ownership of real estate: Currently rent an apartment. Owned a 4bd/2bath starter home from 2014-2017. Sold it due to work relocation.

Occupancy: owner occupied, personal residence

Value of property at present and/or your offer price: $300,000 offer price

After repair value: $475,000 - $525,000 (conservative comps in area)

Anticipated or actual appraisal issues: None, but not really sure what this is asking

Down payment or equity: $75,000 cash to cover down payment and closing costs

Source of down payment funds, if applicable: own funds and 401k loan

Income Source: salaried, 15 years in federal career

Gross monthly income (optional): $10,000 +/-

Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: $1,300 monthly rent, pay off credit cards each month, no other debt

FICO: Excellent, 800+

Credit issues: None

Additional details: The home is need of approximately $100,000 in repairs. The roof estimated repair cost is $32,000, I estimate the septic  is $30,000 since it failed completely, and other repairs (windows, doors, paint, floor refinishing, furnace, electrical) to be about $30,000. Comps in the area range from $500-$550k for similar properties. This is my first post in BP Forums so I hope I got this right! Thanks for the help!