You certainly can buy if you make 150K per year. However, the loan will be much higher if you don't have a down payment. You are on the right track with thinking that a down payment assistance program will help you to obtain a much better loan. I can explain home ownership assistance programs and develop a strategy with you to achieve home ownership. There are many different down payment assistance programs available from government agencies and non-profit agencies. Please contact me and I will help you get started. 650.380.5141 Jeanne
You should talk with a lender who works with first-time home buyers and is versed in the various programs available out there. With the HFA programs available for homebuyers, this is a program that may will work well for you, based on the income you make.
I would also suggest looking at your lifestyle, expenses, and figure out how to increase savings and/or decrease debt. This is one of the best buying markets we have seen in over a decade, and you need to be positioned to take advantage of it.
If you would like referrals to a great lender, feel free to ping me and I will pass on their names.
Happy house hunting,