You might have to live in the property while renovations are being done. This is difficult, but not impossible.
Repair the things you absolutely must have done first (kitchens and bathrooms). Other things like removing old built up paint etc. can be done slowly. A lovely architectural property will bring a good return on investment once it is restored.
First, let me congratulate you on making a decision to buy. It's a GREAT time to buy, and you will certainly be thanking yourself down the line for making such a savvy investment decision.
Regarding financing, I have found that many buyers look to their Realtors for lending and financing advice. I believe that this causes many miscommunications and misunderstandings. While Realtors certainly have lots of experience in these matters, they are not technically trained to handle and answer your questions. For this reason, I have worked very hard to establish a solid working relationship with a Direct FHA Lender and as a result, have a dedicated representative at the Lender. My dedicated rep treats my clients with the utmost care and concern and makes himself available for them around the clock. I also have a very close working relationship with a home decorator who is a licensed contractor and offers estimates and consultations.
Please feel free to contact my rep at the Lender, whose information I have provided below. Make sure you let him know that you are a Crestico Realty referral so that I can personally guarantee the level of customer service you receive.
American Guardian Home Loans
Should you have any other questions or need further help in your home search, please feel free to peruse Crestico's website and contact us directly, so that we may help you.
If you have not already had your inspection done, let me know. I can give you a basic idea of the major problems. If you have already had an inspection but need estimates on repairs, I can connect you with a great contractor who can give you an estimate of work to be done.
I agree with Jeffrey below. There are mortgages that will cover repairs. You should definitely check that out in addition to aggressively negotiating the purchase price of the home.
Please contact me for additional information.
Keller Williams Realty