How to obtain financing for remodeling a house that I just bought?

I am going to buy a fixer upper and want to customize the house as per my specific needs. How do i obtain financing for the remodeling since I will have only 10% equity (which is the downpayment) in the house? Does the remodeling company offer financing? Can i get a loan from the mortgage company itself to remodel the house? I don't have equity in the house so if there is a provision to do something like this then can someone please explain it to me Thanks

Asked By: Vishal - 6/8/2009
Best Answer - Chosen by Asker
Have you already bought the house and get the mortgage yet... More
Answered By: Zeiss nut - 6/8/2009
Additional Answers (3)
You can talk to the mortgage company, or take out a personal loan, or use your own money... More
Answered By: Sophie B - 6/8/2009
First you can ask your remodeling company-they usually deal with credit companies and will help you to get financing. If you're located in IL,I can give you list of those companies... More
Answered By: dimanplay4 - 6/8/2009
You have no equity on the house because you're only putting down 10% instead of 20% standard requirement... More
Answered By: Phoenix - 6/8/2009
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