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Conventional-97 is awesome if you have a strong credit score. Conventional Mortgage Insurance offers friendlier terms, the higher score you have. You will have to have your taxes and insurance escrowed into your payment, but it's a great way to avoid higher, and now-permanent, FHA Mortgage Insurance.
Let me know your middle credit score, purchase price, and property type, and I can show you the differences more specifically.
I agree, the OP is a perfect candidate for 97% conventional and should also look into LPMI, were the PMI is in the rate. Beats FHA by a mile. Only reason to go FHA today is for troubled credit.
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