You can purchase that home with a FHA 203k Rehab Loan. It is an acquisition and construction loan program offered by FHA. 3.5% down payment on after improved value. Once the renovations are done, it converts to a permanent 30 year fixed rate FHA LOAN.
Gustan Cho NMLS 873293
USA MORTGAGE NMLS 227262
A Division of DAS ACQUISITION COMPANY NMLS 227262
The Gustan Cho Team at USA MORTGAGE