When you get an FHA loan, you put down about 3% of the purchase price. That means you have 3% of the equity in your home. Equity is the difference between the current value of the home, the purchase price for the first year, and the amount owed. If there's only 3% equity available, there's not much to lend you. Lenders don't make real estate loans for less than $25,000 in most cases.
The "fixed up" value doesn't matter for now. After you own it for a year, it will, but we'll use the purchase price as the value for the first year.
The only FHA I've ever originated or processed is the reverse mortgage. There used to be an FHA loan that would give you some additional money for renovation and repair, but I don't know if it's still available Have you checked the FHA website? There may be something there to let you know if they still do that.