I received an e-mail from a Lender I have been talking with, and was told the following ......

" To determine the maximum improvements amount you will use 20% of the sales price.

Example: If you sales price is $50,000, the maximum improvements would be $10,000.

This applies to sales prices between $50,000 and $79,999.

Sales price of $80,000 and above will remain as is which is $35,000. "

So from what I gather , if I purchase this house for around $57,000

and it needs around $20,000 or so in repairs ( may could get by with $15,000 ) , then they are only going to loan me up to a Max of $10,000 towards the repairs , and then I would have to come up with the rest , out of my own pocket ?

I haven't had an appraiser come out yet and give a list of the repairs that they are going to " Deem necessary/mandatory " to be done , and thus the Lender will require be done as well.... but I'm pretty sure that the roof will be one of the Mandatory things that they will require be done ...... ( about $6,000 ).  The outside of the house has Lead paint and needs repainted ( about $5,000 - $6,000 ).

Needs new flooring in the house ( $1,200 ).  Needs Appliances ( stove and fridge ... $600 for both if used ).  Needs a Water heater ( $500 ). 

So already , I'm nearing the $15,000 mark, but they will cap me at $10,000

And given that the formentioned things are likely going to be mandatory fixes ..... Will they even give me the Loan period ? As this is my main concern

Thanks for any and all input and any recommendations on a way to get more money for these repairs ..... maybe a " Side Loan " like a 2nd mortgage ?

Thanks much