Well, let's see - A Home Equity Loan is a loan on the equity you have in your home. After you buy your home, you have no equity in your home because you have just started paying it off. So you have to wait until you have paid in enough money to actually have some equity!!
A better move would be to convince a mortgage lender that by improving the property, you would increase its value so the lender agrees to put money in the mortgage loan under certain conditions to cover repairs and improvements. We had a whole historic neighborhood recovered because a local bank was willing to take a huge house with a sale price of $40,000 and loan $75,000 on it for professional repairs. Because of the rising market at that time and the quality of the homes, the results were homes valued at $200,000 or more, now worth $750,000 plus.
Of course, it really helps to have a rising market which we don't right now.