It all depends on what type of loan will be best for your & your family. Sometimes a Conventional loan might be best for you. It could be that an FHA will better, or even a UDSA loan or even a VA loan if you were ever in the military.
It has been my experience that everyone that I help has their own unique set of life's circumstances and their own personal financial philosophy which helps to determine which loan program is best suited for you.
You should look for a side by side comparison of these loans showing you the interest rates, TOTAL monthly payments broken down by P&I, taxes, insurance & any HOA fees, as well as the amount of down payment, plus all your closing costs, no matter who is paying your closings costs (a good real estate agent can negotiate your closing be paid by the seller). By you being able to see 7 compare the difference in monthly payments with monthly mortgage insurance (MI) payments and without monthly MI payments, you can decide which o[option is best for you.
Good luck with your purchase!... and please feel free to contact me if you have any further questions, I'd be glad to help.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!
NMLS ID 263779 | AZ BK 359295