FHA Loan on house that doesn’t pass inspection. When do you do the repairs?

I am in the process of trying to finance a house with an FHA loan. I am concerned about the peeling paint on the exterior. If it doesn’t pass appraisal, do I get rejected on the mortgage or do I just have to agree to repair it within a given timeframe?
I was thinking of doing a 203k, but the bank I have been working with doesn’t do them.

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