Yet is was owned free and clear by a homeless guy. once we found him I gave him a prepaid cell hone so we could reach him as we looked for clear title.

asuming so - you will likely need a down payment of  15%  + closing costs / prepaids   2) if you have these  funds  avaialble with  leveraging your  current home  - great ...if you dont - get a  HELOC  in place  on present home  for as much as possible  asap  so that its  avaiable  as  needed   3) if planning on using financing for the new  proeprty - get  formally  pre approved   with a lender for this step asap as well 

I've even had clients that truly had $0 out of pocket with THDA - so additional programs wouldn't even be necessary or usable if they only apply to closing costs/pre-paids. 

. $13,500 in closing costs and prepaids sounds high...happy to provide feedback if you want to post the itemized breakdown in here. 

If your taxes are $2500 per year and insurance is $1500, that's another $4000 for escrows before the title company and prepaids, so I can see $8,000 on a $112,000 loan.On a conventional loan, you may not pay points because they're built into the lender paid comp, but your underwriting fee will be around $1250. 

@Dakota Cochran   you can  only  go up to a  80% ltv on  a cash out  refinance ...what is the  approx value and present loan balance   2) the  cash out refinance  pricing  will be  higher than the  straight  refinance  3)  if you have   need  for the  cash out - take it  if you can get it    4) the  rate  improvement  you will likely  find  will  be   realtively small   ...prob  get  1 to 1.5%  lower in rate ...be  aware of the loan fees/ closing  costs  and prepaids for any proposal you are  considering  5) ask  a lender for  quotes  for the  different  options you are  considering and  analysze  the costs and payment  differentials 

my credit score was 710So the home appraised at 125k and they want to loan 75% @ 6.8%Origination charges- $90001.6% loan points $1500, lender fee 1300, origination fee 3500, ordination compensation fee 2500Services- $6300appraisal 1500, credit report 150, 1004d inspection 250 ,3rd party processing fee $900closing fee 350, document prep 2200, lender title ins 900 Other - $1600there is also some recording fees 425, pre paid interest on mortgage ins or property taxes 500, and holding some $ for property taxes and insurance in escrow about another 600so thats nearly 17000$ in closing costs on a refinance for $100,000Just feels like way to many fees associated with this, but i don't have much refinance experience either The monthly payment is $600, so Its possible for me to make this work and just move on with my life.  

My lender was able to roll all my costs into the new loan so I am bringing no cash to closing.The way the Total of Payments is calculating is: Loan Amount + Total Interest paid over loan term (15yr) + prepaid interest + Loan CostsAll this seems appropriate if I pay all Loan Costs at closing. 

If you buy it from grandma at $150k and put $75k then you could get a loan for $217,125 and only be $15 - 20k out of pocket after closing costs and prepaids with an FHA loan (this applies if you plan to live in the home after reno, you would be out of pocket more if it's strictly an investment property). 

Just need a credit score of at least 600, enough funds for 20% down plus closing costs and pre-paids, and the appraised rental income on the property needs to at least match the projected mortgage payment.