Can you add to your mortgage renovation cost?

[Ryan Lauritsen]

Hey All, I've been looking for a small multi family home. I found a triplex that needs some TLC. I will be financing my deal through a traditional 30 year mortgage. The home needs about $20K for repairs. Is it possible for me to get a loan for $20K more than the price the seller agrees to sell the home and at closing get a check either from escrow or a credit?

[Upen Patel]

@Ryan Lauritsen What you are referring to is a rehab loan which would cover the purchase + rehab cost. For a 3-unit you can get a rehab loan ONLY if you are going to owner occupy it.