The loan closes and then the repairs are made. Do you need a new roof, HVAC system, windows, etc? Do you want to do cosmetic renovations like hardwood floors, interior & exterior painting, etc? The FHA 203k HUD approved home loan is for you.
In addition, there maybe tax advantages for improvements that save energy like replacing an old heat pump(see your tax professional).
Yippie! This is good news that makes sense.