Any pre-paid HAP Contract payment beyond the contract termination date must be repaid.If there is, at least, one remaining family member 18 years or older who can act as the "head of household", the HAP Contract will remain in force.

@Shaun, I went back and read all the exchanges. 25k was included his fee, closing cost and prepaid interest.

That's because the first year of PMI is pre-paid for loan set up, no returns.Good stuff guys.Probably won't have the seller carry backs, the 80/10/10 OO deals anymore unless the seller is exempt from the new requirements, then you have a servicing fees to contend with on the second too. :)

They may also require prepaid insurance.

. ($120,000)B) Fannie Mae DFE who will do "The loan amount will be limited to the lesser of: (a) 70-75% of ARV and (b) your original purchase price plus total closing costs and prepaids on the new loan

Also be ready to check your email frequently and respond to their requests quickly.Regarding fees, some is the guaranteed origination fee, some is for the appraisal, then keep in mind you'll also have to pay beyond the down payment an escrow amount and prepaid interest.The rate you get depends on your credit score and what term you get.

3.500%Taxes ESTIMATED AT:$420.00Refinance Loan Amt (without UFMIP / Funding Fee):Hazard Insurance ESTIMATED AT:$100.00Loan Amt (without UFMIP / Funding Fee):$405,300PMI/FHA Mortgage Insurance:$455.96UFMIP / Funding Fee PERCENTAGE:1.750%MI Factor1.350%UFMIP / Funding Fee DOLLAR AMOUNT:$7,092.75HOA DuesTotal Loan Amt (with UFMIP / Funding Fee):$412,3932nd Mortgage Principal and Interest$0.00Interest Rate:4.250%Loan Term (in months):360Value:$420,000TOTAL MONTHLY PAYMENT ESTIMATE:$3,004.69Loan to Value:96.50%Estimated PayoffESTIMATED FEESESTIMATED LOAN COSTS--BUYERESTIMATED PREPAID & ESCROW COSTS--BUYER (SEE NOTES BELOW)ORIGINATION FEE0.000%$0.00Per Diem Interest on New LoanASSUME$48.02LOAN DISCOUNT0.000%$0.00(from the day of funding through month end).

If so they now have PMI for the life of the loan and a prepaid PMI that goes in when you close.

2: Due to the conditions being inhabitable should I refund the days of rent that was pre-paid (my answer is yes and it ended up being 4 days)?

You'll need 4k or so for closing and reserves (since its close to the beginning of the year you'll need to reimburse the owner for their prepaid taxes) and probably dump 5-7k into fixing the place into a rent able condition.