Does this home qualify for an FHA loan and then a line of credit?

Ok so I live near Columbus ohio and I am wondering if this home would qualify as an FHA loan? It is in need of some repairs like some new flooring (it has filthy carpet), maybe a new kitchen(it's salvageable but I would not want to use it) A couple bathroom sinks (again they are salvageable but gross) other... show more Ok so I live near Columbus ohio and I am wondering if this home would qualify as an FHA loan? It is in need of some repairs like some new flooring (it has filthy carpet), maybe a new kitchen(it's salvageable but I would not want to use it) A couple bathroom sinks (again they are salvageable but gross) other than that it's in great shape. OK so here is the question, if it's $35,000 and ends up qualifing as an FHA loan can you then open a line of equity on the home and get the desired amount for the repairs/updates? Also this is without a inspectors thoughts just from what I can see. Just curious before I go and try to make this happen!! thanks for the help!!!
Update: Yes, this home in my opinion if it was completely updated and fixed would be worth right around 110,000 to 115,000. It comes with land and is in a rural area that is very desirable (the area is HUGE right now)! I can't help but think it is to good to be true!
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