Wife and I both have an 800 credit score and plenty of income with a 19% DTI ratio. 2) Do you recommend that as a first timer I actually do go with a higher down payment product as I learn?

US Treasuries will not see their credit rating improve, and will, within the next 12-24 months get another (small) downgrade, inching up treasury yields.

Do you have an idea of the total tax credits?

Quote from @Chris Seveney: Quote from @Jay Hinrichs: few things if these are sold to homeowners were the dodd frank rules rigidly followed when you did these.if they are sold to investors then DF doe not come into play.while credit and such matters keep in mind note buyers will want a 12 to 20% or more annual return..

With risks bring the higher chance the cards will collapse.

I believe up to close to 40% down with a 720 or greater credit score on a conventional loan product could give you the best interest rate. 

I get a dozen post cards a week! 

If the house is listed as-is, there won’t be much room for negotiation (ie. seller concessions/credits), but you can offer a price that factors in the rehab components.

Credit 700+, bank statements available, good liquidity position (almost enough in cash to purchase the property - but obviously know that's idiotic).  

Credit score. references..