Down payment assistance programs.

More info needed, but based on the limited info you provided, you would qualify for a mortgage.. how much would be determined by looking at both the property and the existing monthly debt obligations.. To summarize it, lending guidelines require a DTI of 50% or less for conforming loans, and possibly 56% using FHA.. but, the majority of grant programs require you to be at 43% or 45% max.. so on $5000 monthly income, your capped at $2,150 to $2,250 per month "Total" debt including the housing payment, your existing monthly debt payments, and any HOA, or Association or Condo fees. $300K sales price does not leave you a lot of room. To zero in, we would need to know details on the home you are considering, and how much the taxes, hoa, association, and homeowners ins. premium would be. Typically, buying a condo will eat away at your maximum sales price and net you a LOWER qualifying amount because the association fee's are typically in the hundreds vs. HOA fees which are usually under a hundred. Regardless, I'd be happy to look at your complete loan profile and advise you what your maximum would be. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Your best bet is to always have your own down payment money. You look like you could obtain a 3% down conventional loan, or a 3.50% down FHA loan. Actual down payment assistance program vary by state and county, so you'll need to talk to a broker in your area. But most work the same way, with you needing a few thousands dollars, and you get an assistance loan for the rest. Generally these are loans, not gifts or grants. They all come with household income restriction, and require you to take a first time home buyer class. Usually they also come with higher interest rates too. For down payment assistance loans in Minnesota or Wisconsin, visit me at www.FirstTimeHomeBuyer-MN.com