No downpayment mortgage still available?

I’m interested in purchasing a condo/home in Maryland. I’m 26 years old and I just got a job making $ 40,000 gross/year. I have $ 50,000 in personal/ student loans (~600/month) with no other expense except for a cell phone bill. My credit score is approximately 720. Amid the credit squeeze, will I still be able to get a low interest or finance the entire purchase for approximately $ 200k? I suppose I could save up for the next few months and make a 5% down payment?

I guess what I want is to purchase a 2 bedroom, rent out one room and eventually sell the place after two years so I could be exempt from paying taxes on the capital gain and hopefully itemize my deductions through interest payments.
Any advice for a first time home buyer?

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