That is really great that you are a First Time Home Buyer and that you have good credit because you need at least a credit score of 620. First of all you need to contact a mortgage professional so you can get qualified, you might be able to get a FHA loan with at least 3.5% down. Do your homework and get yourself a Realtor in the Bronx area, they will get you comparibles and also do a property search on the house your interested get all the facts in black and white. Anytime you are looking at a house go to the Department of Buildings (DOB) http://www.nyc.gov/html/dob/html/home/home.shtml.
There are many bank products out there, shop around and get a quote. Look at your finances but your going to need some money down..... If you have a 401K with your employer look at your options you might be able to get a loan upto 50% of what you have. Also maybe you might want to take your 2010 Tax Return, when you file in 2011 and use it for your down payment? Once you speak to a mortgage consultant you will have a better idea. Here is a contact : please call Mark Brown at Bank of America Home Loans he has some great products for First Time Home Buyers his contact number is 718-629-8893 or http://mortgage.bankofamerica.com/markabrown
Mildred Valentin, Realtor
Exit Realty Van Zandt
1314 Blondell Avenue
Bronx, NY 10461
Certified Buyer Representative
Century 21 Princeton Properties