Buyer 5: You work at the Grand Sierra Resort and Casino in Reno. You are in your late 20s and a single person household. You make $65,000 a year and have $15,000 in savings for closing costs and a down payment. You are a first-time homebuyer. You are looking for a condo or townhome. Your FICO score is 760.

We would pay around $500 in monthly debts. We used a mortgage calculator using $8,000 as the down payment, with a loan term of 30 years fixed and an interest rate of 7%. This would leave us with $7,000 for closing costs. We determined that our purchase budget was $171,300.

What kind of loans can we qualify for that would be best for our needs?