You can use this loan product with any home, you are not limited to foreclosures. Please see the following link for more information: http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm
Also, just a little overview of the product, there are two kinds - 203K for larger renovations with no repair limit- repairs must be completed within 6 months. (FHA loan limit still apply.) The mini version is 203k Streamline- which covers less extensive repairs up to $35,000.00 must be completed within 90 days of closing.
You still have to qualify for an FHA loan and depending on which loan you choose, there are addtional fees associated with administering this type of loan. For instance, most lenders charge additional fees to inspect the work as completed and before final disbursement.
Great program for this market. Feel free to contact me if I can help in any way. I do loans all over Florida. I used to live in Miami-Dade and travel back frequently. You can reach me at any time at the number below.
Down Payment Assistance Specialist/Loan Officer
Enterprise Mortgage Group
Winter Park, FL
I am not a mortgage broker, but I am sure someone on here will know about the rehab loan portion, but I imagine you would firsst have to find the property. There are bank owned and short sale properties that are in need of rehabbing, so it is a matter of finding what you are looking for. The multiple lsiting service that realtors work with have all of the properties that are available except possibly some that are already scheduled for auction, which you can get from some auction web-sites.
My company web-site below has a foreclosure section that may be useful for you, but speaking to a realtor in the area you are interested in is your best option.
If I can assis tyou feel free to contact me.
You can contact me, I have a mortgage professional I work with that can assist you with that. Call me or email me as soon as you can. He is available to talk to you even on Sundays.