The use of the FHA 203k loans can be used in one of three ways which are to purchase a dwelling in order to rehabilitate it, to purchase a movable dwelling and purchase a separate site with a foundation and move the dwelling onto the new site to rehabilitate it, or to refinance existing FHA loans for a new dwelling that needs to be rehabilitated. For the most part, the FHA 203k loans are used to rehabilitate new dwellings for new home owners because this loan cannot be accessed by people who are going to fix up a house and then turn around and sell it.