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If you are getting a renovation loan your limiting factor is your total loan amount not the amount of Renovation. You will be comfortable with the payment you will be comfortable with if that magic number is $235,000 you could find a house for $100,000 and put in $135,000 in renovation.
Don;t let anyone tell you the amount of Renovation is capped at $35,000 that is simply not true.
FHA has a base loan amount which is the purchase price - your 3.5% down payment.
Then you need to figure out how wou intend to pay the upfront Mortgage Insurance Premium most folks finance that into their loan amount (add the Up Front MIP to the base loan amount) that becomes what is known as your total loan amount. You can opt to pay the UFMIP in cash which would make your base loan amount and total loan amount the same amount.
If you are obtaining an fha 203K loan. Including funds for Renovation it get's alittle more complicated but the base and total loan amount still works the same except the Purchase price is aquistion costs (Purchase Price + Cost of Repairs).
I hope this helps....
P.S. No such thing as a stupid question.