FHA 203k Loan Process

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My wife and I are looking to put in a bid for a HUD home. I’ve tried Googling this but can’t get a clear picture of what exactly is required up front or if we’re even eligible. So I thought I’d bring my questions to BP. 1. We bought our current home with a FHA loan with 3.5% down. That was 5 years ago and I’m currently trying to get the PMI removed as we have paid down to below the 78% mark. But since we are still in this house, are we even eligible for the FHA 203k to buy a HUD home? 2. I know we will need bids from contractors for the either type of loan, but when will I need to get those? Im assuming between winning the bid and closing? But I’ve been told that if you win the bid for a HUD home you need to have your money lined up, so would that mean you need to get bids and everything in place before the bid?

You cannot have two fha loans at the same time....unless you meet one of the exceptions such as moving for new job. You can google up the exceptions.
You’ll have to refi out of the fha loan before you can get another one otherwise.
Also, if you got the loan after 4/1/13, the MIP is for the life of the loan(11 years with 10% or more down).