Just to add to John's answer, the better the credit score the lower the rate you can get. You have done a great job keeping your score at 800. You are a Realtor's and Lender's answered prayer.

Just to add to the below, the $8,000 tax credit is applicable to your '08 taxes. If you have already filed simply amend your taxes when you close on your new home!

Jeff

Interest rates have been going up and down on a daily basis. Lately they have been hovering around 5.5%. Once you have a contract then you can lock in your interest rate. Closing costs are typically about 3% of purchase price with homes below $200,000 and 2.2% with higher priced homes. Prepaids which are typically taxes and insurance is usually close to two months worth of payment. So if you are buying a house priced at $100,000, getting a 100% VA Loan, 30 year mortgage, 5.5% interest - then your estimated payment might be about $743 month (includes estimated taxes and estimated insurance), $3,000 in buyers closing costs, $1,500 in prepaids with $3,300 VA Funding Fee added into the loan amount. 1st time homebuyers includes anyone who has not owned a home in the past 3 years. There is a 1st time homebuyers tax credit of $8,000 in the new 2009 stimulus package.

I punched your scenario through Franklin American, I could get a better rate (or same rate better yield spread) but their website was on top. So this is just an example. I am just trying to give you information not an actual loan, I would need to shop it first.

30 year fixed
sale price: 160,000
Down Payment: 32,000
Loan to value: 80%
Location Houston county Georgia
Fico: 800(assuming this is your mid score)
Rate 5.5%: 15 day lock, getting 1/2 point from the lender I would get about 2 points from you 2.5% total to me, direct cost to you=2,560
Processing fee: 495
Lender fee: 695: varies
Appraisal: 300-400
Title: I would have to get quote for your area(note: only lenders title is usually required, that does not protect you, you should get owners title insurance.)
survey: 300-400
Homeowners insurance: need quote
If you do not waive escrows you will need money for that(escrows=taxes, insurance)
getting late, cant think of anything else right now, maybe someone will add some info, or I will add more in the am

Hope this helps

Yes there are first time home buyer programs available. One is the new tax Credit that is available. If you buy now you can actually claim this on your 2008 taxes, if you have already filed you can do an amendment to your taxes or you can wait till next year to claim this. There are first home buyer programs that allow you to finance 100% of your loan. There is a loan program for any buyers that will finance 100% loans depending on where you buy a home.
In the Warner Robins area it is common for the seller to pay up to 6% towards your closing cost, this does depend on the type of loan you use to purchase your home. Sellers are offering incentives to help sell thier homes, some builders are offering upgrades and closing cost to get buyers to buy.
With the low interest rates and the programs available right now, especially to someone with great credit, now is definately the time to consider purchasing a home.
Please feel free to email me or call me, I would love to meet with you and give you all the information you need and show you the homes available in your price range. They are out there, we just have to find the right one. terrijackson.realtor@gmail.com (478)954-2045