If the home is in need of major renovations, you may want to consider a Fannie Mae HomeStyle® Renovation or FHA 203(k) loan.
If the home is in need of major renovations, you may want to consider a Fannie Mae HomeStyle® Renovation or FHA 203(k) loan. These fixer-upper loan programs allow you to roll the cost of repairs and renovations into the same loan you borrow to buy the home. An added bonus: The loan is based on the fixed-up value of your home, which gives you extra borrowing power.