The first step in this process is to get prequalified. Loans for a condo or townhome may be difficult to obtain at this time. Banks consider condos and townhomes high risk. If you really want to purchase or condo, please try to find out how many homeowners live in the complex vs how many renters. Banks look at this ratio - it's called investor concentration. The more investors or renters, the more difficult it will be to obtain financing.
You can overcome this if you have excellent credit and approximately 10-20% down.
On the other hand, if you are interested in purchasing a single family residence, you may qualify for an FHA or conventional loan. FHA rates are very competitve. You can use an FHA loan to obtain a fixer-upper or foreclosure. You're not limited to existing homes.
Feel free to contact me for a fast, free prequalification.
Best of luck,
Down Payment Assistance Specialist
Enterprise Mortgage Group
Winter Park, FL
I'm not sure what kinds of questions you are looking for to be answered. The first place you will want to start with is talking to a lender. You will want to see what you can qualify for, and what you are comfortable paying. You will also want to choose a Realtor that is familiar in the area you are looking to buy. Happy house hunting!