Here's the situation: You've placed a bid on your historic dream property, contingent on inspection. However, the inspection finds $35,000 worth of damage -- a historic setback indeed. Luckily, the federal government has an incentive to see the sale go through, namely that a decrepit, unsellable house or business can drag an entire neighborhood down, while a renovated historic property can revitalize a neighborhood. Accordingly, the Federal Housing Administration (FHA) offers a program to write $35,000 at favorable terms into pending mortgages for the purpose of historic property renovation.
If you're buying a fixer-upper, you might be on your own. But if you're buying a historic fixer-upper, you might be in luck.