1st Primary Residence Rehab Loan?

[Dan Kim]

Hello everyone!

I did some searching but could not find an answer to my question but I am currently set to close on my first condo as a primary residence in a couple of weeks. The place was built in early 1980's and while there may have been a few rehabs since then from previous owners, it is not exactly our cup of tea (outdated floors, appliances, paint - however maintained very well). 

We purchased with a conventional loan with $15k down out of a $25k budget as we want to keep some of the funds for emergencies, but we also want to renovate ... everything. We don't have much more cash but was curious what our options were as far as rehab loans go. If I talk to our lender and ask them about additional money for rehab, do they just tack it onto our original loan or is it separate? 

My goal is to rehab, cash out refi, live in the property for a couple of years and turn it into a rental as my first rental unit, but don't exactly want to wait until we have enough to cash to do all of the rehabilitation (that would take YEARS!).

Any advice would be greatly appreciated, thank you in advance!