The first step would be to get a pre-approval for a loan amount and then you can split it up any way you see fit (ex. $50K house with $50K of repairs, or $75K house with $25K in repairs). Minimum loan amount is $60K.
Please feel free to give me a call if you would like any assistance. My website has more information on the program if you would like to look into it http://www.titanhl.com. It's a great program for homes that are priced low because they are a little beat up. We walk folks into equity everyday!
Best of luck to you,
Sometimes it is the seller who doesn't want accept offers with FHA financing since sellers don't want to deal with the FHA requirements. Be prepared for a longer search since it can take a while until you find what you are looking for.
Annett T. Block