If you put down 3.5% for an FHA loan, that is right at around $4,000 on a $115,000 home. Like one other person mentioned you will need to find another way to cover your closing costs, which are often negotiated on the contract with sellers. But depending on the type of financing you choose and other factors, those can be around $4,000 as well.
If you have a bank you are comfortable with I would start there first. That will give you an idea of if you are financially ready to purchase a home. Then pick an agent that you want to work with to find a home.
If you have any additional questions I'd be happy to help, just let me know. Good luck!
Based on what I'm seeing in the information you provided, that down payment amount is right where you would need to be with FHA financing which only requires a 3.5% down payment. Now in this area there are many options including USDA (rural) financing as well, that yields no down payment requirements so depending on where you want to buy, that can be an option as well.
You can easily apply online at http://www.wichitahomeloans.com, using the "Apply Now" feature, and I can get you a pre approval for any of these options in a matter of minutes after submitting your information. I'm sure that here in a bit there will be a number of fine Realtors that would be able to point you in the right direction in finding that perfect home for you and your wife! Its always best to have your financing options in order before you begin to look around so please follow the link and we can get you all squared away! Good luck, and Happy Hunting. If you prefer to call with questions feel free to do so at 316.218.7948
If you want to discuss your situation further you can call me at 316-833-2677.