The first step in this process is to get prequalified. Loans for a condo or townhome may be difficult to obtain at this time. Banks consider condos and townhomes high risk. If you really want to purchase or condo, please try to find out how many homeowners live in the complex vs how many renters. Banks look at this ratio - it's called investor concentration. The more investors or renters, the more difficult it will be to obtain financing.
You can overcome this if you have excellent credit and approximately 10-20% down.
On the other hand, if you are interested in purchasing a single family residence, you may qualify for an FHA or conventional loan. FHA rates are very competitve. You can use an FHA loan to obtain a fixer-upper or foreclosure. You're not limited to existing homes.
Feel free to contact me for a fast, free prequalification.
Best of luck,
Down Payment Assistance Specialist
Enterprise Mortgage Group
Winter Park, FL