i found a fixer-upper house

how do you finance the renovations? we can't afford the reno out of pocket until we sell our current home

i apologize if this has been asked before

What's the purchase price? What's the cost of renovation? What's the anticipated value upon completion?

$85,000-purchase

i would have to check with my spouse on reno cost....maybe $50,000 (at most). we are just thinking. ...
we've renovated before but always done it while living there and paid for it out of pocket and never had 2 house payments

value would be around $230,000

I take it you have another home you'll be selling? If so how much equity do you have in that? Will this be your primary residence ?

There is a conventional product with very good 30 year fixed rates called a Fannie Mae Homestyle. You can borrow up to 95% of the "improved value" based on your plans etc (assuming owner occupied, up to 80% if an investment property) although it does not seem you would need to go nearly that high based on your numbers. It is a good product because it is conventional which gives you access to low 30 year fixed type rates.

More on it here from our site: https://hurstlending.com/homestyle-renovation-loan/

Why not just take a heloc out of your current home?

Would this be an investment property or owner occupied?

If investment...www.TexasInvestorFinancing.com.

Jay- Does that loan still have the standard borrowing limits of a regular conventional loan? If used as a refi for reno/addition with approved plans, does money go to lendee or contractor per actuals? TIA

Yes, the max loan is the conventional limit in your county. In Texas, that is 424,100. The funds are held in escrow and paid out to the contractor in the form of draws.