Definitely get in touch with a reputable loan officer. The key here is your debt to income ration in addition to your credit. Your debt to income ratio is the total of your monthly long term bills (auto loan, student loans, and including the mortgage payment you might be taking on) divided by your total monthly income. Most lenders will approve up to a 43% debt to income ratio and will not count any potential rents as income. So, you need to qualify for a loan based on your current income. The great news is that you already have a sizeable down payment and funds for closing costs!!
Definitely get with a loan officer, find out how much you can afford and then see what the availability in that price range is. There is significant opportunity to get a steal right now... and interest rates are excellent! I work with first time and lower income buyers all the time. Please let me know if I can help. I would be delighted with an opportunity to assist you and earn your trusted business.
Best of luck!
If I can be of any assistance let me know.
I agree that you should talk to a good lender and I can refer some to you if you choose. You could see if your intended roomate would be willing to buy the two bedroom condo or home in partnership with you. Then, both of your incomes and credit (both good and not so good) could be used to qualify. I would make sure you have a good written agreement prepared covering all of the potential issues like overnight guests, cleaning, utilities, chores, pets, taxes, etc. I would include wriiten rules for possible marriage of one or both partners, someone deciding the investment was not right for them, resale of the property, rental of the property to others, subletting issues, timeframe to sell or keep etc. I can recommend both good Realtors and attorneys for the agreement if you choose that route. Our site below has lots of useful buying information.