Well there have been a lot of good answers and many from realtors. I would say you need your realtor and your lender working together on this one.
The thing is there are a number of subtle differences, the questions need to be asked.
If all we have is the minimum down, where are the closing costs going to come from, that is assuming you do not have the money for those.
1. Your agent can negotiate for the seller to pay these when they make your offer.
The problem is that the competition fof houses is such doing so can hamper your ability to get and offer accepted.
2. As a lender, I can raise your interest rate a little bit and make your closing costs go away. This has been a good option lately as mathematically it makes sense to pay say $20 mor a month rather than pay the $2000 in closing costs.
On conforming mortgages the interest, taxes and insurance really needs to be paid for by you. But when you consider the mortgage insurance options it is a better deal than going FHA. But, on FHA the seller can pay these items or I as the loan officer can pay for them out of rebate.
Based on the price I may guess that the home may qualify for USDA financing. This has no money down and lower MI costs than FHA. Also if you happen to be a vet, that is the best deal of all.
If you like give me a call and I can tell you if you can get the USDA loan.