HUD 203B escrow repair loan

[Chris Igard]

Does anyone have a good working knowledge of the purpose of this loan is for? I can never get a straight answer from my real estate agent or my loan guy. My understanding is that it will cover up to 10K in repairs. I have been told multiple, but what i've gathered is that the second appraiser makes the determination based on what the house needs to qualify for an FHA loan. Is this true? I ask as I have corrected one of these guys twice now during this process. What is a typical qualifying issue (I.E. AC unit repair, missing stove) versus what someone may want to have completed (drywall repair, new insulation) Thanks