I'm looking to buy an older home and I would like to renovate. What are the best ways to pay for a 10k to 50k renovation?

Thanks

Depends on how you want to buy it.
If you have money for a down payment. Put down less and pay for them that way.Take out a fixed period Arm mortgage with PMI. Then refinance the PMI off the loan once your renovations are completed and your value has increased.

If you don't have a bunch for a down payment, do a FHA 203K rehab loan and finance all of it(purchase + renovations).

A good plan violently executed now is better than a perfect plan executed next week.
-George S Patton

Their are some loan options available for renovating.

If you have low down payment and its your primary residence as the poster above stated, FHA 203k is a great option. According to the renovations you are looking at doing you may also be interested in the FHA Streamlined (k) which is a more streamlined version of the Full 203k, but the Streamlined (k) is limited to cosmetics and max amount of about $31,000 in renovations. Full 203k has no limit in renovations and allows structural repairs.

Another option that is newer to the industry, but I actually think is one of the best options is Fannie Mae's HomeStyle loan.

This can be used for Primary Homes, Second Homes, and Investment Properties. Allowed as little as 5% down(on primary Residence) and able to get alot cheaper mortgage insurance with 5% down conventional than FHA offers. Also FHA's mortgage insurance is paid for the life of the loan.

Homestyle Mortgage allows almost anything to be done including install a pool, structural updates (moving/deleting a load bearing wall), finish a half built home, include appliances, etc. Great mortgage product for purchasers or people looking to renovate their current home.

Let me know if I can help further. Have a lot of experience with renovation mortgages would be glad to help out.

Austin McKnight
amcknight@primeres.com
832.252.9031

U can pay me with cash or check

just do an escrow holdback mortgage