Quick question about FHA 203k

[Blake Williams]

Hey everyone, so I know that the fha 203k loan lets you borrow more money than the purchase price of the house so that you can fix it up, but I was wondering if it needed to be used immediately?

Specifically, what I was wondering is if you could take out a 203k loan and use that as a cash reserve in case something goes wrong with the property after the purchase? 

Since I've begun to take steps towards my first deal, I've heard a lot of people say that "something is bound to go wrong, things will break etc..."  I'm trying to find a way to protect myself against that because I personally don't have much in the way of cash reserves for repairs and such and I fear my cash could be depleted quickly if something did go wrong.