it would seem like it,the problem is that most home loans only finance up to a certain percent of the cost of the home. then you have to provide the down payment. but,home loans that finance very close to,or all the cost are out there. I don't know where you'd go for them. as for up grades and improvements,maybe you can find additional financing for that. if you amortize your payments from the begining you'll shorten your loan and end up paying less over all. that equals more equity,faster.
Depending on the loan alot of times you can't take over. We just bought a house and they will only give you what it appraises for. Or like 5% above it. They do have a HUD program for you to do repairs and you add it to your mortgage after your in the house. It's all on HUD.com
Most banks will lend 85-90% of the selling price. You might get a home equity Liam for the fix up but the value of the house should be greater than 75000 so if you default the bank has your house as the investment.