What type of house can I afford? I make $52,000 wife graduates in December and will make around $40,000.?

I want to take advantage of Obama's first time home buyers rebate program and purchase a house by December 1st. I just graduated from college and make $52,000 a year and that will likely have a salary raise in the upcoming years. I will marry my fiancee by the time she graduates in January, and she has a job... show more I want to take advantage of Obama's first time home buyers rebate program and purchase a house by December 1st. I just graduated from college and make $52,000 a year and that will likely have a salary raise in the upcoming years. I will marry my fiancee by the time she graduates in January, and she has a job waiting for her that pays $40,000 a year. I currently have $40,000 for a down payment and she will be getting a $40,000 graduation gift that we can put down towards our house as well, but not until January.

I was wondering if it was possible from me to purchase a condo in Chicago's loop/gold coast/ river north, etc area and what can we realistically afford.
Update: Both of us received 100% scholarships, so we have zero debt. No car payments, credit cards, etc.

Our credit score is up in the air, we each rented apartments in college and where never late on utilities.
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