Andy,

The home also can't have a large amount of mold. Also, there is a limited on the amount of the loan. For example a bank cannot lend on a home that is priced $25,000, so it also depends on the amount of the purchase price.

It will depend upon the condition of the house. If the house is in livable condition (kitchen and bath are in working order) then you can get a conventional loan.

If the loan needs minor rehab ($35,000 or less) you could do a FHA 203B (Limited K). If it needs major rehab you would need to do a 203K, which would also entail hiring a general contractor and other items.

If you decide to go the route of a conventional loan I would be happy to help, we're located in Indianapolis.

Jeremiah M. Wean
Lakewood Lending Group, LLC
http://www.lakewoodlenders.com