This shortens the closing time by weeks. Try http://www.cfs-mortgage.com/203k for more information.
Since this is financing question, your best bet IS to talk to a knowledgeable mortgage broker. I can recommend several if you are interested. Once you have your financing in place, then I would love to help you find a home that fits in your budget and meets your needs.
Have a great night!
IN & IL Realtor
DOUBLE DIAMOND REAL ESTATE LLC