re: First time homebuyer with questions

If you are buying in New Orleans, and you are buying an old home (likely) - make sure the electric and plumbing are updated - even more importantly - make sure you have documentation of this update. Without it, you may not be able to get market rate insurance and will be stuck with Louisiana Citizens. You don't want Citizens. They do ridiculous things, like requiring you fully cover the cost to replace the home even if the loan amount is substantially less than that.

Also - verify the flood zone. Someone actually tried to sell us a Flood zone A property as a flood zone B property - the difference in flood insurance rates between A&B is ridiculous (thousands vs. hundreds)