Uninsured hud home and fha loan?

My wife and I are very interested in putting an offer bid on a hid home in our neighborhood. We were approved for a standard fha loan. The listing stated its an uninsured hud house. It's in our price range and we looked at the house. Needs minor things like a stove in the kitchen and new carpeting. I was reading if it's under 5 grand in repairs it's ok… Would a standard fha loan be qualified for us to buy and put in a bid on a in insured his home?

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