Financing a property that needs improvements

[Matthew Dausy]

Hey y'all,

I am new to this real estate investing stuff and I am trying to create a plan to move forward. In my planning I identified a question that I can't really find the answer to and I was hoping y'all could help. Is it possible to buy a property, knowing your want to make renovations, and use the mortgage to cover the cost? For example, there is a 80k home that needs 20k of renovations and I use a 100k mortgage to pay for all of it? This is negating closing costs and all that and I am just talking conceptually if this is possible. I am also a veteran so I have the VA loan at my disposal if that maybe changes the answer. From what I understand, FHA loans are made for this type of purchase but can I do it with a standard loan or VA Loan? Thanks in advance and I look forward to hearing from you