Intro/First Time Home-buying Questions

[Kyle Christopher Pearson]

Hello, I’ve heard of this website through the Handsome Rambler podcast and just recently started the process of buying my first home and I have some questions regarding loan types, renting out rooms, and any other help you may be able to lend. I marked questions with a (?) during my situation below. 

A little about my financial standings and current home buying process:

- Safe Stable Federal Job @ Shipyard, Excellent Credit Score, and paid of all debt. No Overtime I make about 1,100 a week. 

-Currently have about 6 grand and already and made an Earnest Money Deposit of 500$. 

-I’m buying a 185,000 single family home 4 BR/ 2BTH. Gonna have 1 Master and Full Bath to myself and rent out rooms separately or share a kitchen and just rent out the rest of the house to a family. (?) What would you guys to do maximize potential of potential profit? 

- I live in Virginia and qualify for an FHA 0% Down Payment Loan with a grant and I also qualify for a (spelling?) fanny Mae 3% down loan.

-The seller is giving 3% to me for closing costs. 

(?) Which Loan would be best if I plan to use this as an investment and only live for 5-7 years? 

(?) Would I be better of with the 0% down for utilities, groceries, and wiggle budget room with the money I’ll have left over from 0% down Or would the 3% down benefit me greatly down the road? 

I already got the house inspected and I’m having the seller fix 90% of the problems found in the inspection and the home is basically move in ready.

ANY advice you guys will give will help. I’m reading a lot on this whole process, but am in need of more help especially with loans and starting out in real estate investing. 

Thanks so much for reading and if you need any more information please let me know.