The gentleman told that his house was foreclosed and he has a redemption period till 06/05/2016.

@Swethareddy RachumallaWord of caution, if the deed hasn't been recorded from the foreclosure auction, this will undoubtedly delay the closing and your EMD will be tied up during this period.  

I'll encourage an attorney who comes periodically to attend also.

Quick loan output, relatively short seasoning period,flexible on credit reporting.5.

These things change periodically and it has been so long since I have done a FHA loan.

She was immensely helpful over a long period of time as he went through a number of prospective properties/issues, etc.Your reserves have to be in place at the time of closing and could possibly come from a gift.  

Vaughn taught an indigent man with no money or credit  of any kind how to flip a house in a short period of time and make a substantial profit ($16K). 

Oh, and one last thing: if you don't plan to live there forever, and you don't think the market itself makes a good buy-and-hold market, remember to count principle paydown and look at your profit over a long (10-20yr) time period.

There are a few things to consider when looking to cash out refi:- There is normally a cooling off period of 6-12months before you can refi- You need a new appraisal (make sure to get this ordered from the institution that you will be refinancing with.

How long is normally her Protected Period?