I'm looking in the Atlanta area for modern homes but they're all out of my price point. I can afford up to $150,000. I've seen that hidden potential show on hgtv and wanted to know if that was a possibility for me. To take an inexpensive home with good bones and remodel it. For example I found a nice intown place for sale for about $45,000 (bank-owned). Now could I get a mortgage loan that would cover upgrades to the place? For say about $60,000 I think I could make it a great home.

Do those first time home buyers/ low income mortgages cover things like this? Or would I have to look at other options?