@Jeff Robson welcome! You've came to a great place for input. I'm also from Irving! I grew up and went to Irving school. Some comments below:
1) How much would I need for CC and inspections in addition to the 5%?
$3,000-5,000 should cover closing costs and prepaid items (taxes, insurance, escrows, inspections) at that sales price
2) Is putting 5% down wise or unwise?
I like it. I would actually even recommend 3% down on a conventional loan, especially with your stellar credit score. Also, paying down to get 20% equity usually is not as desirable as using that cash to invest elsewhere (think opportunity cost).
3) Would I qualify for a loan that big with a single income that isn't amazing?
Absolutely. You're income seems solid, and you claim no debts. You should be able to qualify for a decent sized loan/home. Get pre-qualified with a lender sooner rather than later to see where you truly stand.
4) Given that the difference between a newer home (with all the bells and whistles that come with it) and an older home is 25-75, should I save for another 6 ish months and just aim for the new home?
My first home purchase was a brand new townhome. I enjoyed having everything new and under warranties. Less maintenance and headaches. I'm not a super handyman, so this was preferable to me. This just comes down to personal preference and what is on the market in the areas you chose to live in.
5) Should I be reaching out to realtors now? If not, when? I want to have one lined up early enough in the process, but not so early that I get texts / emails every week to check out homes when I'm not ready just yet.
I always recommend connecting with realtors and lenders early one to start getting pre-qualified and setting up a home search. @Kenneth McKeown is well-known here on BP, and works with lots of investors in the DFW area for purchasing investment properties and primary residences.
6) What kind of programs or options for assistance as a first time homebuyer in TX are available and should I be starting them now (well in advance of any time limit deadlines that could crop up if I wait)?
3% down conventional. HomeReady and HomePossible programs from Fannie and Freddie. Be cautious of anything that says its a first time home buyer program or down payment assistance. Sometimes they jack up the fees or interest rates to cover a grant, and sometimes this is a silent 2nd lien (a second loan on the house).
7) Any other glaring issues I'm missing or not aware of?
Sounds like you're on the right track. You could look at finding a 2-4 unit to get some rental tenants, but the market is super competitive for 2-4 units right now. Otherwise I would recommend finding some roommates to help pay your mortgage. Just make sure you pick good roommates!
