I'd better have $20K, or even more, set aside in a safe bank account or other similar accessible account to handle unforseen emergencies, RIGHT FROM THE START.

@Jay Hinrichs I am surprised CA gets away with that. 

Especially since it is your first property I wouldn't use the full 150K limit yourself to 75 - 100' down if you can, make sure you leave yourself money for emergencies and Life in general.

Also, my agent said it might be cheaper starting on a clean slate (with no surprises from an old home) and the bonus is that I wouldn't have to use my own capital in the bank; I'm currently pre-qualifying for about a 100K conventional loan. 

It's a short form for emergency removal of deck and replacing it with another one on same footprint.

It surprised me when she said that because I had never heard of one before; but heeding the advice of someone thats been in the business longer, I went looking for that form.

As long as nothing surprising pops up towards the end, we should be under budget.New Deck:Floors sanded down:Basement freshly painted and carpeted:Master bedroom in basementAnd just a pic I snapped one morning from the from the deck.

The requirements and limits of borrowing to buy or refi anything but an SFH do not surprise me.  

Dont be surprised if the best training/team situation is 50/50 split. 

I was surprised no one above posted the actual program requirements from Fannie Mae.