first time home buyer loan for remodel?

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I’m looking in the Atlanta area for modern homes but they’re all out of my price point. I can afford up to $ 150,000. I’ve seen that hidden potential show on hgtv and wanted to know if that was a possibility for me. To take an inexpensive home with good bones and remodel it. For example I found a nice intown place for sale for about $ 45,000 (bank-owned). Now could I get a mortgage loan that would cover upgrades to the place? For say about $ 60,000 I think I could make it a great home.

Do those first time home buyers/ low income mortgages cover things like this? Or would I have to look at other options?
Yes, I want to stay within the perimeter. And the reason I’m even considering a remodel is because I want a home with a modern aesthetic and green amenities. I can’t stand the cookie cutter traditionals with their granite countertops and moulding all over the place that are so popular here.

3 Comments
  1. Reply
    Art
    January 25, 2011 at 4:43 am

    I know of an FHA product, called 403K loan, that does something like this. Your best bet is to check with a local lender to see what the qualifications & restrictions are!

    Good luck!

  2. Reply
    Luke 6:37
    January 25, 2011 at 5:36 am

    There are plenty of homes in your price range that are in excellent shape in the metro area. If you are looking within the Perimeter then yeah, you won’t find anything in that range.

    Well, if the home is appraised to the value you want to borrow then yes. This sounds like a foreclosure so the bank is probably just asking for what they are owed. So whatever the home appraises for is how much extra you can get within your loan on the base $ 45,000 that the home is being sold. If not you would have to get a personal loan.

  3. Reply
    sharpshooter
    January 25, 2011 at 5:36 am

    you could also look into a home equity line of credit…

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