FHA 203K loan requirements for Los Angeles area

[Antonio Scerra]

Good Day All,

I have been dormant on here for a long time now and regretfully so. A couple years ago I created a post regarding a property I was interested in and I received some great information by many of the members of this community. I am once again looking to get some information regarding a purchase and I look forward to the responses from members of this community. So without further ado, here's the current situation.....

There are 2 adjacent properties located in San Pedro, CA that are being sold as 1. The only value of the properties is in the land. Both structures on the property need major repairs. My intention is to live on the property while making the necessary repairs. I was informed by a loan officer that I might be able to use an FHA 203K loan in order to make the purchase. The 203K loan seems like a good option but I have a few questions that have yet to be answered and I figured I could reach out to the BP community and see what response I get.

What I want to know is this:

1) Can I live on the property while the repairs are being made?

2) Is it possible to live in the structure that is being repaired? 

3) Is it possible to purchase a small Prefabricated home and have it built on the property so that the main structure can be repaired?

4) Is there a timeline for the repairs? 

5) Where can I get the most up to date information regarding 203K loans?

This property will be my home and it is not for investment/ rental income. Any and all information regarding this topic will be greatly appreciated. My intention is to purchase this property and live on the property while the repairs are being made. Even if that means living in a temporary structure (prefab home, mobile home, RV, etc…). 

Thanks in advance!