While getting FHA 203(k) might be easy, the details are a pain in the ass. I got one to get a new roof on my first house.

Imagine all the usual shitty mis-communication and last-minute paperwork of dealing with a mortgage agent... plus last-minute fun with contractors, who are used to answering on a very different schedule. E.g. "Oh, I need 2 more competitive quotes for the same work in the next 2 days, even though you've already found your contractor" or "Oh, these quotes don't specify exactly the same work, so need to be redone."

At the end of the day, the process requires you to waste a lot of contractors' time soliciting bids for work you're never going to hire them for.

Hindsight 20/20, I would encourage finding any other method of financing work. Make your mortgage as simple as possible, so there's a chance the agent might not @&$# it up. Then deal with contractors on your own timeline.

Opposite anecdote: I walked into a model home, talked to the builder, chose a plot of land in the community, chose a floor plan with the options I wanted and had a brand new house built on it within 6 months.

I did that twice…

Both times in metro Atlanta.

Ironically, this was in metro Atlanta as well. I'd note that it was for reno work (roof and some deck) rather than new build.

I'd hope the new build market is a little more professional.

Although I saw a couple strip-to-frame-and-rebuild houses worked on and then failed code (word on the street was improper framing nailing, ouch) near another house in Kirkwood, so I guess there's dipshits the world over.

This appears to be the US? It’s not as easy in NZ/AU. While you can do it, the average joe would probably throw in the towel on the whole process.

Also the US still has states you can find good jobs in with houses that are still 200k. In the likes of NZ You have Auckland and wellington and prices that far exceed majority middle income workers.