As Cassandra has answered your best bet is to speak to a few loan officers or mortgage brokers regarding you qualification question. Your personal situation that you have outlined would more than likely allow you to be qualified for some excellent finance options.
Here is a general answer to your question.
Condo's in 92130 start at around $350,000 and single family homes from of low of $550,000 from a search of the Multiple Listing this morning. If you were to purchase a condo at $400,000 for instance and put a 20% down payment of $80,000 your loan amount would be $320,000. Let's say you got an excellent rate on your loan of 4.75% your monthly payment would be $1,669.27. Property taxes would be $416.00 per month, estimated hazard insurance of $75.00 per month, HOA estimated of $300.00 per month for a total monthly payment of $2,460.27. If you gross monthly income is $8,333.33 this monthly payment would be roughly 29% of your gross monthly income. Generally speaking your home expenses should not exceed 26% to 28% of your gross monthly income - and for FHA 29% of your gross monthly income.
An FHA loan requires a small down payment of approximately 3.5%. So if you used this financing and purchased a property for $350,000 with $12,250.00 your loan amount would be $337,750.00. Again at 4.75% your monthly payment would be $1,761.86.
All of the above information is very general in nature and I would suggest you speak to a loan expert regarding your best options and best available rates. You both a strong buyer's and should have some good options. There are also some first time home buyer incentives that they can discuss for you as well as reserve funds that you will need.
Now to answer your questions regarding pre-foreclosure I assume you mean a short sale. This is where the Seller owes more than the property is worth and may approve the sale and collect less than owed. In essence the Seller sells the property but has to get approval from the Bank for the shortfall. There are a great deal of homes on the market in this condition and some lenders will have special financing offered, this will differ from home to home.
I have written an interesting blog post of short sales which is posted below in web resources.
The other options you should consider are actual Bank Owned properties which have been foreclosed on. Many banks will have special financing. Also don't forget about the motivated seller on the market that has priced their home to sell, as I mention in my short sale article - short sales can take a great deal of time, sometimes up to 3 or 4 months.
Jon, I hope this helps a bit. Get started with that mortgage broker or lender to get your specific answers - they will also be able to provide a loan qualification letter which will allow you to negotiate your best deal. I have posted another article on the 5 tips to a successful offer with the link listed below;