What is the most i could qualify for? I'm thinking of a FHA loan. I'm a first time home owner.?

I make $40,000 a year
I have no monthly debt
My credit score is 700
I was thinking of puting 3 or 5% down.
Do you think it's possible for a home loan around 190,000

In California, FHA Maximum Loan amount is up to about 360K. FHA Loans are 97% of the total value of the home so you would have to put 3% down.

I would recommend saving some more money before purchasing a home. The more you put down from the beginning, the lower your payments will be and the greater your equity. Also, if you take the time to save more money, your credit score may increase, which could help you to get a better interest rate.

It's always better to buy a smaller home than what you think you can afford and work up later when you have a better salary and a better down payment.

That price range will be out of your reach. Your 40 K income breaks down to about $3333.00 per month. FHA or USDA will want to see your front-end ratio at about $967.00 per month and your back-end at about $1366.00 per month. Back end meaning all your monthly credit obligations lumped in with your Principal, Interest, Taxes, & Insurance payment. Figuring a loan amount of $185,000 at 6% on a 30 year loan you would be at approximately $1104.00 a month just principal and interest only. FHA has mortgage insurance, while USDA does not. I would check it out. Front end ratio being 29% of monthly gross and back-end ratio being 41% of monthly gross.

typical affordability calc is 2-1/2 to 3 times you annual salary - 120k max - if 190k was approved, money would be very tight - and you have to find out what real estate taxes would be and add on PMI insurance since you're putting less than 20% down, and figure on another $50 per month for homeowners insurance