[MITCHAY]

You would probably have to get a different type loan. My experience as a FHB is that they approve you for up to a certain amount but what you get is based on the valuation on the house.

Then at settlement they pay the difference to the seller between the sale and deposit. You could potentially put a lower deposit down and use cash for the renos but bigger deposit will often get you a better rate and avoid mortgage insurance which doesn't protect you but the lender.

It would be rather difficult to assess that risk and reward of potential renos I would think even if you're approved for the upper limit.