Buying my first home! Please help!

[Account Closed]

I am a first time home buyer! I am 25 years old, make 46K a year, and have 10K to put down. I live in North/West Washington. I am looking for a good home to live in and possibly rent out in 5 or more years. Any suggestions would help, and I also have a few questions.
What kind of locations sell/rent better?
When working with loans as a first time buyer is FHA the best choice?
How do you know when a home is "worth it" or not as far as repairs?
When choosing my Real Estate Agent what are the main things to look for in knowledge?
Any other first time advice would be appreciated! Thank you!!!!!

[Wayne Brooks]

One of your first steps is go get prepproved by a lender. You'll find out how much you qualify to borrow and how much cash you'll need to close. FHA is a little easier to qualify for:credit score 620-640 minimum vs 670-680 minimum for convential, and higher debt to income % allowed on FHA. You will have MIP on any FHA loan and PMI on conventional less than 20% down. You'll also have closing costs and 14-15 months prepaid insurance and taxes. No knowledgable seller will accept your offer without a preapproval.