Can someone assist me with a 203k FHA loan?

602 30th, Pell City AL

Description

I live in a house in Pell City, AL and I have lived here since 2016. I pay the rent of 370.00/mo. The landlord said I could take over their mortgage on the property (25,000.00), but the property may need 5000.00-15000.00 in repairs. The landlord stated that an investor seems interested in taking the property off her hands, but I just wanted to see if I could possibly stay in the property, fix it up, and purchase it. My credit is not great b/c I had a foreclosure back in 2010; however, I do have a government job (over 20 yrs.) and I do make about 65,000.00/yr. I have a lot in Argo, AL that will soon be paid off (I owe about 2100.00 on it). It has a few old cars on the property and an older uninhabitable mobile home on the property that I use for storage. I am unsure of the value of the property, but it may be worth 20k or more. I would like to see about using it as collateral. Please let me know what you think. Thank You, Jason Lockhart