Financing Advice

[Nate Lewis]

Hello, I just have a quick question about some financing options. Here's some back story, I am BRAND NEW to not only real estate investing but purchasing property in general. I'm 22 and live with my parents, never rented or purchased property myself. I took an interest in buy and hold investing and have been gathering as much information I could come across over the past few months. I am aware of some of the creative ways ( such as house hacking, seller financing) but for someone just starting out I would like so stick to something more basic my first time around. I also know of some traditional mortgages, during my research it seems as if a conventional loan is the most common amongst investors. My question is lets say I want to buy a distressed property for lets say $50,000. And I qualify for $100,000. When it comes time to close will I have access to the full amount I qualify for or will the bank only give me the price of the house. Will I have to raise the money and cover the rehab costs myself, take out another loan (lets say rehab costs are 15,000), or will there be any money left from the conventional loan to cover the rehab costs??? I hope I was clear with my question, again I'm a newbie, but I am very eager to learn. Thank You