hml owner occupied

[Naskat Williams]

i have found a gret reo for 50% arv that i want to offer all cash on, but the hml do not offer loans to owner occupants. i am preapproved for a fha 203k, but i don't have $10k to close. does it really matter if i live in it or not since i am going to refinance to home with another bank? what i use it to rehab the home (2ok in repairs) and than i had chaged my mind or couldn't sell it and decided to live in it? would it be penalities? is it not the same thing if i did a refi and rented it out?