You may talk to your lender of your choice and find it out different grant according to
the city or State. If you want assistance about that, please contact me~!
On great thing I can tell you, based on the information you provided here.....is if you are considering a purchase with the city limits of Champaign, there is a Building Blocks program available that is grant money provided from the city thru the state and one of the requirements is that a single person household not make more than $72,100 so you would obviously qualify for the $10,000 grant!
City of Urbana is also offering a program where the city is offering 10% of purchase price to be given to buyer at close based on the income guidelines of not making more than $40,000 for a one person household, so again, you would qualify for this program.
Any additional help I can provide, please let me know, happy to help! My website if you wish to reference is: http://jennifermclennand.kwrealty.com
Curtis gave some very good information for your to utilize.
If it would be helpful, I would be happy to have one of my preferred lenders give you a call to discuss your options for purchase.
Please advise and know that I am here to help if I can.
It sounds like to me that you can buy a house from what you wrote in your question. Interest rates are still low (though they are going up) and home prices are very reasonable. If you are going to buy a house now would be a great time.
As far as how much house you can afford the general rule of thumb is your total monthly house payment plus interest, home owners insurance, and taxes cannot exceed 45% of your gross monthly income.
A lender would be the best person to speak with about finances though. It normally takes 30 minutes or so to go over everything and get you pre approved for a loan so you can go shopping for a home.
There is a special loan program available for First Time Home Buyers where in the City of Champaign you can get a grant of $10,000 toward the down payment of your home. Not all lenders offer this loan but I know a very good lender that does.
Give me a call or email and I would be glad to get you more information because free money is awesome!!
If there is any other way I can help pleas let me know.