You can get approved with a 600 for FHA and possible get down payment assistance, I am not too sure about USDA, I have a great place I send my clients with scores under a 640 to get approved. If any company can get you approved its the The Lenders Network, I have closed some deals I never thought I would but they they approved scores below 600.
Insurance and liability are key. Your mortgage should be ok, as long as that was the original intent -you didn't move in to a "primary" house , then say oops - and move out to a new primary home. Intent.
In addition to the NC state site, see RentLaw.com The National Landlord Tenant Guides. Great source for many things, even tenant screening - see rentlaw.mysmartmove.com.
Read. Read Books and get your home tenant ready. Check with local municipality as far as any permits or registration or inspections that may be required.... more