He sent them over but I was confused since this seemed to be a new contract. we extended the previous contract adding a three month extension.

So i am currently working on putting a house under contract and upon inspection, i noticed some pretty extensive fire damage to some of the support beams running in the basement.

FHA will grant extensions due to extenuating circumstances. 

It needs a full renovation of $$40-60k depending on how extensive the rehab is.

The reason a HML does a 5 month term, knowing the rule for a cash out is six months (assuming you want an A paper Fannie loan), is because this lets them hook you on the 1-2 month "extension fee".... which will be approximately similar to that 3rd set of closing costs.

Renovated each unit. 2nd floor requires extensive renovation.

If the work is not 100% complete by the end of the Escrow period,  may implement a .50% (on total loan balance) extension fee that will cover an additional construction term of 60 days.

@Christopher Short You may have to ask the seller for an extension on the closing date.

I have done some extensive research in both of those markets.

Hi,   I have done extensive research on this but still not able to have clarity on this so hoping the PA forum might be able to help.