This shortens the closing time by weeks. Try http://www.cfs-mortgage.com/203k for more information.
203k Loan is a FHA loan program that is only for owner occupied homes. Its a federal aid program.
If you are looking to flip a home. I know a few portfolio lenders that can help you as well. You can email me at firstname.lastname@example.org for their contacts.
Feel free to call me or email me and we'll give you a reference to a reputable rehab lender.