Q. I'm 24, have good credit and hope to buy a home soon. I'm wondering whether FHA loans are only for people with bad credit. I plan to put down $20,000, but I'm not sure whether my income -- $40,000 a year plus $200 a month from coaching -- will be enough to cover my payments. I have no credit card debt, but I do have a low-interest student loan ($124 a month) and a $283-a-month car payment, which I plan to pay off by the end of the year. I'm looking at condos in the $140,000-$170,000 range.

A. FHA loans are not just for home buyers with bad credit. But getting the federal government to guarantee your mortgage, which is what an FHA loan is all about, makes these loans a little more costly than others.

With your good credit score, low debt and significant down payment, you probably don't need to pay extra for an FHA loan. You should be able to qualify for a conventional loan with a very good interest rate without the government's help. Our report on FHA loans for first-time buyers can help you make up your mind.

The next big issue is deciding how much you can afford to spend on a condo. Many of the current problems in the housing industry were brought on by people who bought homes that required more of their monthly income than they had counted on.

We can help you figure out how much house you can afford. Our article includes a calculator that will give you a realistic amount that you should spend on housing.

And don't forget -- with a condo, you will have to figure in monthly fees paid to your condominium association for maintenance, repairs, insurance and so forth.

Whether you're buying a home or refinancing an existing mortgage, we have a mortgage calculator that can help you make the right decisions.