You will need a steady income,good credit,a 2 yr. work history and a 20% down payment for a conventional loan. with this house,your monthly payment (including taxes & insurance) would be about $410.99 . As a first time home buyer,you may be eligible for an FHA loan with 3.5% down. FHA is not credit driven and your monthly payment would be about $511.62. your first step is to consult a reputable local lender to find out if you can qualify. Step 2 would be to contact a local agent who can help you through the purchase process.