In addition to the comments arleady provided, another suggestions is to apply with a lender who works with IHDA's (www.ihda.org) Smart Move program. Even though you have more than enough to meet the min. down payment for an FHA loan, you can obtain a lower interest rate through this program. Current interest rates through the program on an FHA loan are at 4.50% on a 30 Year Fixed Rate. The porgram allows for a lower min. score (currently 620) than a normal FHA loan with lender credit score overlays. The program is offered to first-time homebuyers or veteran, household income and property purcahse price must be within the program limits.