I am very interested in purchasing a foreclosed home that is sold by Freddie Mac. The outside looks great, but the inside needs some work. Basically, the previous owners took everything including the kitchen sink, literally. The home is going for $99K from $170K in a gated community. It has 2 stories with 5 rooms and 2 bathrooms in half an acre lot. I will probably tear down one of the concrete walls to make a bigger room, replace some broken windows, install toilets, sinks, cabinets, and yes the kitchen sink. My estimates (pulled out of my hat) are about $40K.
The real estate agent told me that a 203K loan was my best bet, but I would like some advice on other types of loans that might benefit me.