From my experience with 203k loans, the best advice is to use a lender that offers assistance via third party with 203k processing.
This shortens the closing time by weeks. Try http://www.cfs-mortgage.com/203k for more information.... more
A 203k is certainly the way to go as stated earlier. I"m sure you also know by now that your home's recent purchase is creating a seasoning issue on any equity you have so a home equity line is out of the question.
I do a LOT of these loans (I've given 10 pre-approvals/applications in the past two weeks for them), I would be happy to assist you. You may contact me tomorrow if you'd like until 2PM at my cell number (my website and my profile has it) otherwise I'll be available all day Monday.
The thread below has a long post about the 203k to educate yourself on it. The very bottom post is mine and the very top one.
Additionally, I'm a published writer on this subject so you don't have to worry about me "bluffing" my way through it like my boss likes to say (in reference to other loan officers :).