Or did you get approved for a certain amount before you went to auction?

This is not the case for the majority of metro areas across the US.In less hyperbolic markets there wasn’t an intense amount of speculation so operators didn’t pay high and are weathering the storm on interest rate resets and are finding a way to refinance Deals with maturity walls.I am finding that a lot of killer deals with my clients are happening in the sub 50 unit deal space for those who need to sell, because there’s much less competition in a chase for yield.  

The loan amount is 150k let's say. 

After a few hours they asked me for a screenshot from the credit card account showing the pending amount.

But if this is your first investment property you may want to talk with a property manager to see  if you are maximizing the amount of rent you can get and what repairs/maintenance work is needed before renting the place out. 

There is also a huge amount of strategic and legal expertise across many states in getting non-performing notes to “re-perform” and be sold, perhaps to someone like you.Performing loans don’t require anywhere near the same amount of work or expertise but typically involve a lot more capital per loan.

If you choose not to rebuild/replace your settlement would usually be for actual cash value.It's unlikely you can get a settlement for above the coverage amount you paid for.

Quote from @Cory King: Hi @Bill GrenierThe amount of structures can have an impact on financing but there are options out there.

That being said, every FHA loan has UFMIP which is 1.75% of the loan amount, as well as monthly mortgage insurance pmts that are about 0.5% of the loan amount annually.

I would do between 50-100% or original deposit amount.