Congrats, on making the big step. Deciding to get things in order and following through on that decision is the most defining step in buying a home. In regards, to your question about the bond 79 programs. I would think that an increased income would not result in a penalty. The penalty typically in these programs comes into play when you sell the home before the secondary lien is forgiven. Here is a link to a document I found online that goes into more details...http://webcdn.ehousingplus.com/wp-content/uploads/TDHCA-guid
Also, since you are considering bond 79, do not forget that you can still use assistance from the Mortgage Credit Certificate Program as well. My team and I work on a regular basis with this and other programs that assist First Time Home Buyers. In addition we also have exclusive and strong relationships with bank and builder programs that make owning a home more affordable as well.
Kjrillie, I can not really give you an answer to your second question. I do not have enough information. What I need to know is how much monthly you are paying to any other recurring and installment account you have. The student loan is an installment account, but you may have others. Is there any furniture, electronics, or appliances you have financed. Do yo have any credit cards? Car Loans? etc? These all have to be considered with looking into how much you can afford. I can understand not wanting to post all that information here. I am available to talk with you tonight, if you would like. Also, not to bash your credit counselor, but we at NewHomePrograms.com have our Credit Enhancement Program, that walks you through much of what you are doing now, for FREE. I will post the link below.
Thank you for your time and God Bless.
Brandon R. Jenkins
16300 Kuykendahl Suite 340
Houston, TX 77068