What is a 203k mortgage?

I would buy a house is priced at $ 150,000. I made an offer that the exact amount. Nobody else has even put a bid if the bid is “very similar”. Listing agent said he would offer me when I was a 203k loan the same amount. With this type of mortgage, and why would it be better? Thank you all!
Can anyone direct me to the list of eligible repairs to cover 203k FHA mortgage. We want, but the fixer upper, but you should know what repairs are covered. Thank you live in Oswego County, NY, and I want to buy if it is different.

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