Hello Big Diesel and thanks for your question.
The best way to determine if you can purchase a home by yourself now, will need the help of a co-signer, or will need to wait until some of the debts are paid off is to speak with a qualified mortgage professional or broker in your area who handles FHA loans. The good news is that your 5 percent down payment and FICO scores (if at or more than 620 "mid score") will qualify you for an FHA loan. However, the debt to income ratio may be exceed the allowable amount for your area., so talk with a mortgage professional for the exact ratios allowed in your area.
As for additional assistance, you can easily obtain this information by contacting your County's government offices or housing division for more information. Many cities, as well as counties, across America provide low cost or no cost assistance for first-time home buyers looking to purchase property in their area. A quick call to your County's government offices should answer all of your questions about available loans and grant programs. Keep in mind that grant money is normally "set" for a year, so it can run out if there is a high demand for finance assistance in your area. Move quickly to have your application into their offices for any assistance programs before searching for a home.
Grace Morioka, SRES
Area Pro Realty
San Jose, CA