Purchasing a family home

[Ally Dolence]

Newbie here. My husband’s grandfather recently passed and the family would like to keep the house in the family if possible. My husband and I are interested in purchasing this as a second property as we don’t currently live in the area. The home is older but has great potential if renovated. I’m wondering what the best options are to fund a mortgage and a renovation all in one? Or is there a better way to go? We currently own a home and have a good amount of equity in our home so could consider a line of credit. If the family allows us to purchase the home below market value, are we able to use that equity as a down payment? Would it be possible to get a mortgage for market value and use the additional funds from paying the below market valuefor the home to fund renovations or is a renovation loan required? Any tips or wisdom is much appreciated!