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Renovation Loan - 203K - When does repayment begin?

I was considering a renovation loan or 203k loan as I have seen some homes listed here on Zillow for good prices, but in need of renovations as the prior tenants trashed the place.  If I am able to get a renovation loan, when do repayments on that loan begin?  Do they begin the day the loan is granted or do they begin the day the renovations are done and I can move in?  My concern is the renovations taking 2 or 3 months and in the meantime, being stuck paying for the home I'm moving from (currently renting) AND the home I'm moving to.
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February 25 2013 - Miami
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March 06 2013
On a streamline 203k  ($35,000 or less in renovations) the payments typically start aproximately 30+ days after the loan closes. On a full 203k (renovations above $35,000) you can add up to 6 months of payments into the loan.  However the payments are supposed to start once you occuppy the property.  
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February 26 2013
Mortgage payments always start after the loans closes (typically 30 days after closing).

Maximum 6 (six) months of mortgage payments (PITI) can be included with your Standard/Full 203k to allow the loan proceeds to pay for the mortgage payments during renovations. This option is NOT eligible on the Streamline 203k.

If this option is not selected and included by the borrower on his/her Standard/Full 203k prior to loan closing, mortgage payments are required to be paid by the borrower's private funds when the mortgage payments are due (first one is typically due 30 days after closing).
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February 26 2013
Hi, payments start after the loan is closed. Two good things, you have a place to stay while the work is being done, you won't want to live there and it will probably move things along quicker. The other is that you can use part of the loan proceeds to make the mortgage payments for the 2 or 3 months. Add 30% to your time and costs to be on the safe side, Unforeseen items and changes always come up, have fun with it.
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February 25 2013
 
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