Will you be okay with forgoing whatever rate you have when you purchase for a potentially higher rate with a refi? 

But I would forgo the damage deposit. 

I have my landlord who seems to fed up managing his condo and looking to forgo his place. i haven't started any negotiations yet but he is looking to sell his 1950's condo 1 bedroom 500 Plus sqft at around 100k which is negotiable.

I used to haul these around more when I started and would try a used one now and then, and as mentioned above, you can make some of them work if you get a remodeler giving a way a good one for a song (because it does not match usually) but for peace of mind, tenant satisfaction, AND delivery, it is hard to beat new (especially if you have any stairs).... 

Thanks @David Song!

Haha thanks for the clarification and for going easy on me.I have $55K cash, but I sincerely dislike the idea of using all of it on one deal.

The entire reason for going FHA is to get into a home for little money down.  

What's that song....

They run those commercials with the big checks and that damned song, people going crazy with unearned success, "Miracles can happen, can happen to you..."

What you want to do can be done but I've heard this song before.