FHA Standard vs FHA 203k

[Julius Agonor]

Hello BP Community!

I'm currently looking at getting an FHA203k loan to purchase a rehab property that I'll be using as a house hack. Admittedly, before learning more about 203k, I got preapproved for a standard FHA loan. I'm curious as to how differently the amount I was approved for the FHA will be in comparison to that of a 203k, if at all. (i.e. FHA approved for $480,000.00 vs "203k" approved for $350,000.00 OR FHA = 203k)

I'm not overly concerned with applying for the preapproval for the 203k, however I'd rather not waste the time and credit points until I have found something that I'm interested in. Hoping there's a potential "rule of thumb" that can be applied, so that I can start considering properties of interest. 

Thanks in advance!