You can gets plenty of information if you go to http://www.Google.com
and conduct a search using the terms "HUD", "SONYMA", "FREDIE MAC" AND "FANNIE MAE." Some programs offer reduced closing costs, lower interest rates and down payments as low as 3%. A US veteran can even purchase with no money down.
Your best bet is to sit down with a mortgage banker and get yourself pre-qualified. In order to do this you must provide copies of your last two years tax returns, W-2s, last three months bank statements and allow your credit report to be run. After that you will know how much you can borrow, what the closing costs will be and how much owning the home will cost you on a monthly basis.
If you need further assistance with this feel free to contact me, I can give you more info over the phone. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783