FHA 203(k) loans have extra costs not normally found in other loan products. Typically, the underwriting fee is higher, and there may be an inspection fee to inspect the repairs before the funds are released to the contractor.
As for any FHA loan, the 1% origination fee cap has been removed.
As for the UFMIP, yes it can be finance.
As for the typical lenght of time to process these loans, for FHA 203(k) Streamline Rehab loans, expect 30 - 45 days. For the more involved FHA 203(k) Rehab loans, expect 45 - 60 days.
So it is a government loan serviced by the bank and insured by fha (hud) a government program.
I am not sure the current terms and how the origination fees are charged. But the mip should be paid monthly and the term I assume is 30 years.
If you wish to have some additional information send me e-mail and I will research or direct you to the appropriate indiviual that handles these loans.
First Weber Group
Certifed Distressed Property Expert