Can I get a renovation loan and home loan simultaneously?

Yes. Options include FHA 203(k), Fannie Mae HomeStyle, and Freddie Mac CHOICERenovation. These bundle purchase (or refinance) plus renovation costs into one mortgage with one closing and funds released as work is completed.

Yes — there are loans that combine both into one, like FHA 203(k) or conventional renovation loans (HomeStyle/CHOICERenovation). The renovation funds are rolled into the mortgage.

Absolutely! This type financing was very popular coming out of the housing crash of 2008. Many homes that had been foreclosed on need extensive repairs in order to qualify for a mortgage. You may need to do some lender shopping around to find the right program for you needs. Basically a set amount for the repairs is wrapped up into the final mortgage amount -- that included the purchase price of the home and the repairs. So the homes value is set at what you paid for it plus the repairs. That is the very simplified description -- there are some challenges and hurdles -- but totally possible!