Ryan, if you would like to have your renovations done sooner rather than later, there are FHA 203K rehab loans and Fannie Mae Renovation loans. The ins and outs of these type of loans are too extensive to discuss in this posting, but these two types of loans will allow you to finance the cost of improvements and certain repairs to the home you are looking to purchase. Dan is right. These loans can be cumbersome and they are more expensive and complicated than a regular FHA or Conventional loan. It is imperative that you work with someone who has experience with these rehab loans. I have my certification to do these type of loans, and HomeStreet Bank is actually one of the first lenders in the country to begin doing these type of loans. Our company, in my opinion, does them as well as anybody else out there.
For more details, you can contact me at 503-810-1119. Just a caveat: these rehab loans do not cover every type of repair or remodel, so when the time would come to know what type of rehab and repair you would need, a lender would need to know immediately to know if there are any repairs and/or rehab that is not covered.
Good question and good comments by everyone
Paul W Thompson