1st Time Home buyers in Metro Atlanta

[Jason Maduko]

Hello everyone,

I will be a 1st time home buyers and need some advice on what type of mortgage loan I should pursue and can qualify for. I'm looking for maximum of a 120K single family home in the metro Atlanta area. Listed below is a summary of my financial and credit profile:

Income/Savings:
94K annual income (58K from primary employer + 36K combined from part-time work)
20K in savings and have an additional 20K towards a downpayment

Credit scores:
TransUnion 649, Experian 665, and Equifax 637 as of 12/10/11; credit simulator claims that my scores should jump ~20 points if I pay off my credit card balances

Debt:
About 3K in credit card debt; all current
About 380K in student loan debt (majority from medical school); but all student loans are current and in deferment.

Based on that information, what type of mortgage loan would offer the best chance in being approved? I appreciate any and all advice.

Jay