You're an extremely lucky man, Fannie Mae has the BEST program around. Its called a Homepath Renovation Financing, and like FHA's 203K program, it's used for fix up on a new purchase (exclusively offered on Fannie Mae foreclosures). Only it's better than a 203K because there is NO mortgage insurance with as little as 3% down. There's only one lender in the state (that I know of) who can actually close one of these deals. We closed one last month with a loan amount of $192,000 and a monthly payment of under $1,100. Please feel free to call me for his number (303) 807-3473.