I am a college student living in north Alabama while I am home for the summer.

For exclusions to coverage, look at Schedule BII of the ALTA standard policy, what is not covered will be listed on that Schedule of Exclusions.

Our escrow is scheduled to close on June 2nd.  

Is it close to any colleges, etc.?

I am 20 years of age and a sophomore in college.

I'm thinking with her graduating college next summer and her being in the reserves (Army) it will help as the traditional W2 job with her Officer pay.

I do understand that the interest rate is typically lower for a 15 year mortgage, but if you can afford the note on the 15 year mortgage, you will actually pay the debt off faster by financing it on a 30 year amortization schedule because each payment would be an overpayment due to the lower monthly payment requirement for a 30 year mortgage.  

Need to look at the depreciation, the tenant has a faster schedule than an owner, look there as to who can write off expenses quicker and negotiate from there. 

Real estate agents, mortgage lenders, title companies and escrow companies are familiar with harried changes to the HUD-1 closing statement and to mortgage documents, which changes often lead to aggravating delays and additional costs.As of August 1, 2015 our closing table dramas are scheduled to come to an end.The Real Estate Settlement Procedures Act (RESPA), Federal legislation enacted in 1974 to protect consumers from unscrupulous and confusing real estate practices, is changing in several significant ways.

Also, they are scheduled to build 800 new homes in the next 5-10 years.