First deal,trying to gather info on financing Fables,Fictions and Facts

[Ollie Honan]

My wife and I have finally gotten within striking distance on our first rental property.The home is bank owned needs a new roof,some plumbing work and a new kitchen.Otherwise the house is in great condition.Our goal is to buy and hold the property for rental.

The asking price is $73000.My question surrounds financing,I have read that you cannot get a conventional loan on a home requiring a new roof and additional repair.True or False

203k is only available for owner occupiers.True or False

We have 20% down or higher available,credit scores 810/825.The after repair value $110,000 (conservative).Repairs $15000.

Should we approach our bank or is there another way?

Ollie Honan

DeBary Florida