Both have 720+ credit scores.

If you have debt, student or credit, work at clearing all bad debt first and increase your credit score.Personal home owner ship is not a investment it is a liability so if you wish to invest concentrate on that first.

I just recently learned there is a difference and it has burned a few people looking to buy a first property.pre-qualification is based on the questions asked and information given to the broker/ loan officer usually via a quick phone conversation and is a quick credit check process to show qualification.pre-approval is more in-depth, meaning you sent tax returns and pay statements to them to verify all information you told them over the phone or in person. 

One thing every one got right, was my "credit has been trashed." 

The purchase of a primary residence is the easiest (less hurdles, best rates, lowest down payments) and makes the most sense in many cases. 

I did pay a $1000 sewer bill that was owed b/c I was served by the courts and it was going to show up on my credit.

We are considering selling this summer, and I am wondering if we can leave the unit empty for two months so we can take credit for living there for 2 years and avoid capital gains taxes.

Hello BPNeed some advice on the financing side of duplex property that I am ready to close before end of the year.I reached out to my lender for a conventional mortgage for the amount of $61k (purchase - 25%) and he quoted me 4.75% rate for 30 year with a closing cost of $4k.I have a Heloc (line of credit) where I can do a cash purchase without any of the closing costs.

You may want to seek a solid credit partner if your income/credit is not very strong. 

if its an owner occupied home you could also do a home equity line of credit before the 6 months is up. that way she can get her cash back and the ability to get long term financing later.