Did they extend closing several times?

But my borrower got wiped out and I did not suffer other than had to go through the process.... 

I would only add that oil has been down now for an extended amount of time and is actually well off the bottom.  

One had price reduction, both in extended period.

generally you can back out or extend.. 

But I don't want to fix up the apartments because I want to eventually transform the house into a single family over an extended period of time.

Of course, there are analogies between Scrum and a contractor team -- the "Product Owner" is the house owner, the "Scrum Master" is the GC or project manager and the "Development Team" is the contractors -- and the planning and communication requirements for Scrum have some general best practices that apply in many other areas (including rehabbing), but the analogy doesn't extend much past that.The overhead associated with having Scrum Planning Sessions, Daily Scrums, Sprint Reviews, Maintaining Product Backlogs, etc. is just ridiculous in any typical house rehab scenario, and unless you want to triple the time it takes to rehab (and likely triple the cost of your contractors based on the time they'll spend on-site), I wouldn't recommend trying it.Now, the person you're getting this information from most likely took the Scrum model, and pulled about 5% of that model out and said, "I'm going to apply this VERY SMALL subset of Scrum techniques to flipping to make my contractors more effective." 

I believe that with the FHA, our downpayment would be 3.5%, but I am unsure of how interest rates will be calculated or if credit will be extended at all to us as we are young, even with our education and earning potential in mind.  

Following any of it is not only not in your best interest but may result in extreme pain and suffering of anyone in your general area or the surrounding planet.

Another factor to account for is any seasoning requirement that that the conventional lender might have before being able to do the refi which would extend the time of the HML loan.