I'm trying to save the family home - would it be possible to take out a $100K mortgage on a house that is currently valued at $205K but if it was fixed up would be worth $400K? The house is now totally run down and needs a new roof and foundation work. It is rat infested, as well as being full of crap. My father lives there now. He's on a fixed pension and has no assets except the house and poor credit history so he can't get a mortgage. So he has been offered $205K to sell the house. If the house was fixed up, I believe it would be worth more than $400K - the house next door is on the market for $640K. He has an offer on the house right now and is trying to decide what to do. I'm wondering that if he deeded me the house, if I could fix it up somehow. I would use part of the money to renovate the house and part of the money I would put in an account to pay the mortgage back for several years. I don't have a lot in assets, I just bought my first home but promptly got laid off at work. I'm going back to school for additional training. So I do have time to supervise the renovations. This would enable my father to stay in the house if I could make it work - he would give me the house and I would take out the mortgage. He is not able to qualify for a mortgage but I don't know if I will be able to either, given my current financial situation! Your input is welcome.