Sometimes buyers have no choice but to go FHA because it allows them to qualify for a higher loan and to also come in with a lower down payment. Other times it may be due to the property itself. Without knowing more details it is hard to say what type of loan would be best for you.
If your buying in New York State, you may want to speak to your mortgage banker to see if you could go for a SONYMAE loan which may benefit you even more than an FHA loan. Also make sure you are fully aware of the closing costs you will incur and if you need to get mortgage insurance.
If I can be of further assistance please let me know, I work with a bunch of bankers who offer very diverse mortgage products. Either way, good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783