Rehab Built Into Loan

[Riley Blake]

How does it typically work if you want to get a loan with the rehab costs built in? Say I want to buy a house for $240k and put 10k in repairs into it. I've heard of a loan called FHA 203k, is the equity needed still 3.5% similar to the normal FHA (i.e. 240,000 * .035 = 8,400), and what are the requirements for this loan? I've heard there can be a lot of hurdles to jump through to get approved for this type of loan. If anyone has any more information on the FHA 203k loan they would like to share, feel free to message me or reply to this thread. Thanks, Riley Blake