How about finding a home that needs TLC in the Waterworld of ... Here's how you can do it.
FDA's 203K Rehab Loan Program - When buying a house that needs repair or modernization, homebuyers usually have to follow a complicated and costly process. The interim acquisition and improvement loans often have relatively high interest rates, short repayment terms and a balloon payment. However, Section 203(k) offers a solution that helps both borrowers and lenders, insuring a single, long term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of a property.
I am a certified 203K Loan specialist realtor with a list of lenders who are ready to assist you.