Great question, talk with a local lender. Most of the time, it is free to do, and they can answer all your questions right over the phone. If you do not qualify now, a good lender will help you work on your credit, debt to income ratios and etc, so that you may be able to in the future.
They can provide to you a GFE (good faith estimate) and a loan calculator, so you can figure out how much a house costing X will cost you every month, before you even start looking. That is my advice to all home buyers, get pre-approved before you even begin to look. Best of luck to you.
Tierra Antigua Realty