What are your thoughts on 203k FHA Loans?

[Isaac Pyle]

Hey guys! A little bit of background, I am looking at my options for a bit down the line (I am in school now), and I am strongly considering a 203k FHA loan to finance a house-hack, so that I can relatively quickly build equity in the house and refinance as soon as possibly to get out of mortgage insurance. That being said, I have heard good and bad things about the 203k FHA, some saying that it is great because you can factor all of your repairs into the loan and pay down only 3.5% of that total cost, but others saying it can be a nightmare with a lot of setbacks dealing with contractors and other things. Has anyone used a 203k FHA before? How did it go for you? And if you haven't taken out a 203k FHA loan before, do you have any opinions about it for other reasons?

Thanks for reading!