Yes the $299,900 is the asking price of the property. You can choose to offer the Seller cash or a cash down payment with a loan. If you are or have been in the Military there is a VA loan with no down payment, otherwise you can choose an FHA loan which is a 30 year mortgage with approximately 3.5% down payment. Of course there are also conventional loans with are usually 20% down. The loans are then amortized over a 30 year period - for instance if you purchased the home at $299,000 and put 20% down your loan would be $239,200. If you were able to obtain a loan rate of 5.25% your monthly payment would be $1,320.87 for principle & interest. Keep in mind you will still have property taxes and hazard insurance which will add to the monthly payment.
There are a few grants around but not many. I know that if for instance you are a police officer there is a grant to buy the interest rate down. Sharon, the best thing that I can advise you to do is consult a loan agent to explore all of your options and decide the best financing strategy for your needs and goals. First find a good REALTOR that you are comfortable working with - it is important for you to look around and understand the market prices and opportunities in your area of interest. The best properties are selling very quickly - so be sure to see everything in your price range and then have you agent alert you as new homes come on the market. Your REALTOR will be able to give you referrals to excellent loan officers to work on your financing options. Given the right circumstances with your employment and financial situation, this can be an excellent time to buy while rates are so low & the First Time Buyer Tax Credit as long as you intend to hold the home for a while.
I have also posted many articles that relate to first time buyer''s - please visit the link below for more information.
Best of luck!