Seeking any help on first owner occupied duplex

[Darren M.]

Hello everybody! I've found some amazing info on this site and I'm ready for some info tailored to my personal goals. I'm about to unload my situation so thanks to anybody who takes the time out of their day to read and help a complete newb!

I am 26 and single living in Ohio. I am a full time engineering student by week and full time employee at a manufacturing corporation by weekend. My credit score is 713 on equifax, 825 of trans union, and 782 on experian. I've checked all the reports and can't find any correlation as to the wide spread, I have 3 paid/closed collections from 5+ years ago that don't show on the experian, but do on the other 2. I make roughly $37,000 (3-4% raise yearly) and have around 560 in bills each month, without my $40,000 student loan payment while enrolled in school. I have saved around $13,000 (I would be willing to part with probably $10,000 as a down payment leaving the rest for emergencies.) I currently rent from a friend for only 300 a month total. I decided an owner occupied duplex would be my best bet for low cost and future income. I have decided that my best range would be in a working class area between $50,000 and $100,000, the rents per unit being between $450-650 on average, respectively. The best properties I have found that make sense are in the $80,000 range. In this case my down payment would be around 12.5%, Does FHA seem to be my best option or should I try to avoid that? If I go FHA should I put less down? I hear that my other unit should pay for my mortgage as a rule, but if I went 15 yrs and had to pay <$200 for my mortgage, is that really a big deal or should I do 30 years to be safe? Also, from what I gathered I should send out as many applications to different lenders within the month the first is pulled, how long do these reports last before they need pulled again?

*Exhales......* Sorry again for the length, I just wanted to give a clear idea of my situation and what (infinite) questions I have. Thank you so much to the people who run and/or post on this site, it has helped me more than you know.