If you are looking to buy the home and rehab it then your best bet is an FHA 203k Loan. If you can keep the rehab loan amount at $35,000 or less than you can do the easier version called an FHA 203k Streamline Loan. This doesn't require and FHA inspector and only has two draws for rehab funds. If you would like more information on 203k Rehab loans or to apply for one, feel free to contact me, I specialize in FHA 203k Rehab loans. Feel free to call me at 302-703-0727 or send an e-mail to DelawareMortgages@yahoo.com
I have a whole chapter on FHA 203k loans in my book Your Guide to Buying Your First Home in Delaware.
which you can find at http://budurl.com/DelawareFTHBBook
John R. Thomas
Certified Mortgage Planner
Certified Rehab Loan Specialist
Primary Residential Mortgage, Inc.
42 Reads Way
New Castle, DE 19720
302-703-0727 DE Office
302- 588 - 3665 Cell