I haven't actually used them, but they seemed happy to lend in the Augusta area as of 2 months ago.  

I'm actually looking into this for my first property as well, since I didn't have but 10% for down payment at the time, it also includes a PMI in the mortgage.

Being a real estate agent is not something you can approach casually and hope to start receiving "capital" if you actually want to make money you have to go balls to the wall and create a full blown business (which is what I'm doing right now, actually still waiting to take my RE test, this is just what I've observed).

For instance, I didn’t get the actual property tax amount.

Can you actually not get into a property with 40k, or do you believe that you can't?

I actually grew up just north of Charlottesville-- I love that area and would love to come back some day.

That's what I did, I am actually going to be attending my first one later today, can't wait.

Doing your first deal or partnering on a deal locally will give you that first hand perspective on what "something going wrong" would actually look like. 

Some one told me that the minimum is 88% of actual listing price.

In reality you are changing jobs.