This shortens the closing time by weeks. Try http://www.cfs-mortgage.com/203k for more information.
Also, not sure what renovations you want to do, but things that are associated with energy efficiency of the home, might be able to be accomplished through the utility companies. You could check with them to see if they have any programs available for such..you never know. My mother in TN back many years ago had her homes outdated heating/ac system replaced with central heat and air and it was done through the utility company through a monthly payment plan. Check with some of the companies to see if any of the renovations you want to do are tied into the utilities.
Hope you're able to get some answers that will assist you in your needs. Keep in mind, you can't build equity when taking loans out on equity you have....but some improvement can add value to your property. A lot of people utilize yearly tax returns to do improvements as well as put back for a bit..only alternative if loan doesn't hash out at this point. Hopefully you can itemize and count your taxes and interest paid on mortage the last few months to get some returns back..part of the benefit of home ownership...
Another option for ya perhaps..$7,500 first time home buyer tax credit. This is credit that's available to those that have bought this year..defiantely timeframe you bought in. There is criteria to qualify and it's to be paid back through taxes for so many years. I'd look into this as well, might create a pool of money from more tax return. Simple $7,500 first time home buyer tax credit google search will pull. IRS site is key though..
I'd take Pete's offer on hooking up with one of his lenders up in your area to assist you further. They will have more ideas and if not look into some I've listed above and research some.
Congrats on your new home :)
Virginia Beach, VA
203k loans are great for building the cost of improvements into the mortgage. I have had past clients use this program several times in the past. They were able to buy the house they wanted in the right location and make improvements prior to moving in. It sounds like you want to make some improvements to the home you're in now. I know several local (I'm in Williamsburg, VA) loan officers that can help. Let me know if you need some contact numbers.