LOL it actually is a pretty good deal. As long as you find a broker experienced in doing them.
Pretty easy really you can do a 203k purchase streamline which allows you to fix up things like roof/siding and simple maintenance items. As in your situation the other 203k full purchase is a bit trickier.
Since all you would need is a new roof and maybe a furnace or a few other items you should really consider this route granted the rate/terms make sense to you. Its a FHA product really which is good since refi'ing a fha is often easier than a conventional loan. You will be able to disburse 50% of the "repair" funds at the closing table to the contractor so they can start the work. After the work is completed there is a little admin work. You need to get a hold of the appraiser to come back out to your house and inspect the work (talk to your broker about this part so you understand what needs to happen). As long as it passes he/she will have to do a little paperwork on the completion of the project and then you will submit to your lender for final payout on the repairs (payable to you and the contractor) if you are happy you sign over and go on with life.
For a first time buyer like you I always suggest to keep as much cash in your pocket as possible. Your young and will need it for just in case emergencies unlike older people that have the better ability to afford cash out of pocket. Plus your on air and will probably need to replace those bags after awhile
Also I am pm'ing you now considering air myself just not 100% sold.