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?

There are plenty of homes in your price range that are in excellent shape in the metro area. If you are looking within the Perimeter then yeah, you won't find anything in that range.