As Nick mentioned, the 203(k) Rehab mortgage is the best thing since sliced bread when it comes to home improvements and rehabilitation. I'm a FHA 203(k) Consultant and can answer any question you might have about the program. Visit this short presentation and learn more about the step-by-step process to obtaining a 203(k) Rehab Loan.
Not that I am aware of. But you may be able to refinance with a FHA 203k loan that will allow you to roll the cost of improvements back into the mortgage. Feel free to contact me at 601-613-7878 if you would like more information. Thanks, Nick Miller Coldwell Banker Graham & Assoc.