Be carefull. Our home was just finished with a 203k loan, we borrowed the full amount even thought the house didnt need major repairs. It did turn out beautiful but we ran into alot of contractors that high balled their prices, in the end we did most of the work ourselfs. It is also tricky getting your money from the bank(Yours because it is financed and you are paying on this before the bank releases). But in the end you are the boss and make sure the contractor knows this you dont have to have only one. Sometimes the main one will jack the prices up to end up with the majority of the money. If you want you can email me for more info about how our process went Bianca@jerbid.com. In the end our house is beautiful and we paid 125000 less then the last owner who brought in 3 years before us.