Remember your 1500 to 2500 usually covers bank fees (processing, underwriting, credit, appraisal) but you'll probably have some more third party and prepaid costs as well : Title, escrow and transfer taxes, as well as prepaid interest and impounds of property taxes and insurance.

https://www.fanniemae.com/content/guide/selling/b2...Pertinent portions:Acceptable UsesThe following are acceptable uses for cash-out refinance transactions: paying off the unpaid principal balance of the existing first mortgage;financing the payment of closing costs, points, and prepaid items.

Pre-paid processing is total BS, it's the first red flag for a crooked lender give great terms and just making money from processing or related services they claim to provide. 

I kind of prefer the idea of cheap "burn phone" type prepaid mobiles. 

Sorry I think I got terminology mixed up in my previous post...Sent from bank:$105,000 sale price FHA 3.5% Down $3,675 down payment 1,769 closing costs 199 Coldwell Banker admin fee3,749 Prepaids (One year house insurance, July 1 tax bill, and monies towards future tax/insur bills)-1,032 credit (est) from seller for taxes (prorated from January 1 – June 30)$8,360 needed at close before deposits, and not counting inspection costs.Let me know thoughts now seeing this info.

Listed at 279,000Negotiated to 240,000 w/ 10k from sellers toward my prepaid and closingVa loan 3.6percent no funding fee no pmi Owner occupy Owners are 4 heirs none live in area and don't get along they want it gone 2x2bed 1bath current rent 825 market rent 1000-12002x1bed 1bath current rent 425 market 550-750Needs 15-20k in work overestimating which I have in cash Mortgage payment roughly 1800 including escrow I will occupy one of the 2beds Break those personal calculators out of love to hear I did well or I suck and should run for the hills haha if there is anything else needed or I missed let me know wrote post with phone as I'm a firefighter on duty.

Current tenant is wondering what happened to their pre-paid last month's rent, and rightfully so, doesn't want to pay it again!

On our primary, which we planning on keeping for 20 years now (kids), we did a 5% conventional loan and prepaid the PMI.

@Gerrett is spot on :)  In your offer, be sure to statepersonal property, eg: all existing furniture and fixtures are included in the saleexisting leases are to continue enforcethe current owner is to require all tenant to complete a statement of all oral or written promises made to them, and which fixtures if any belong to them and then to be sent directly to the purchaser upon acceptance of the offer.security deposits are to be transferred to the purchaser at close of escrowany prepaid property tax accounts are to be assigned to the purchaser

The landlord shall thereafter notify the tenant by personal delivery or by first-class mail, postage prepaid, of the transfer, of any claims made against the security, of the amount of the security deposited, and of the names of the successors in interest, their address, and their telephone number.