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Can I get a renovation loan and home loan simultaneously?

Can I get a renovation loan and home loan at the same time? I'm interested in purchasing a house that also needs a lot of renovation. I don't have enough cash for the renovation. So I'm wondering if I can add to my home loan? Or do I take out a second loan? What's the best way to go about this? Thanks!

Asked By Jerry | Havana, FL | 73 views | Buying | 2 months ago

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Semi-Pro

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Julianne Clark / Your Lowcountry Realtor

Charter One Realty

(45)

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!