What are the ins and outs of a 203k loan?

[Angel Garibay]

I am very interested in the idea of a 203k loan but I do not know much about them. So for example I am looking at a property that it about 300k and would need about another 300k in rehab costs. Would a 203k loan even cover that? Is there a limit for how much the loan can max out to? How do the payments increase when you are adding on rehab costs? Is there interest on the rehabs? Does everything need to be done by a contractor or just verified by one? These are just some key questions I’m interested in figuring out, I’m pretty sure there are plenty more that will cross my mind with time.