Many people are unaware of the creative financing options which are provided by HUD and FHA.  One of the most intriguing is the 203(k) loan which creates opportunities for buyers who want to purchase a home, immediately remodel it, and then live in it as their primary residence.  In real estate markets like Truckee and Lake Tahoe, where most of the entry level homes for sale need remodeling or "rehab" work, this program could open doors for many homebuyers.  Take a look at the following links for more details:

Rehab a Home with HUD's 203(K)

Questions and Answers about HUD's 203(k)