Renovations should be completed within a twelve-month period from the date the mortgage loan is deliveredHope this helps!

My understanding is that if you meet certain criteria including one sale by LIC within a 12 month period (one sale rule)and it is not a residence that you built, among other things, then you can be exempt and balloon payments are permitted. 

what is your planned hold period?

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.  

But that return was NOT a guarantee at the time.