We are looking for a home that we can buy cheap and fix up. Can we use the loan for improvements and have one payment?

Yes.. so long as you are purchasing a home to live in.. if it's an investment property, then no.. For owner occupied.. there are 2 loan products.. one is an FHA loan, called the 203K Rehabilitation loan.. there are limits to the loan product, and it has added expenses , so if you have low credit scores, then this might be the best loan for you.. if you have high scores, then using conventional's HomeStyle renovation loan.. much less restrictions, much less fees, and higher loan amounts.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

William did a great job answering this question.