What is our best loan option for credit (715 + 681) and income of (65k + 40k)?

A no money down USDA loan depending on the area check out http://www.youtube.com/watch?v=aHYN_McO_8I&feature=share&list=UUQtv4IjhAmtCrnk0-IuiMngThe map changes were delayed until January 15th so there is still time. My office is only a few minutes away, call me 443-624-9398

It primarily depends on the price range your looking in.. FHA would be a good option if your looking to purchase something in the $340K price range.. if your looking at something more than conventional with 5% down might work.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Try for a conventional 5% down (or 10% depending on sales price). Compare to FHA which will probably have higher mortgage insurance. A local mortgage banker or broker is your best bet vs. a 'big bank' or internet lender. I'm sure a few will post here soon.

Are you trying to do a new purchase or refinance loan option? Also, what is the loan amount you have in mind or current loan balance? Please call me directly at 443-742-0946Thanks

I would suggest Conventional, if you are over 80% LTV you will have PMI, but under 80% you will not. FHA will have mortgage insurance for the duration of the loan weather you are over or under 80% LTV. The only way to get rid of FHA Mortgage Insurance is to refinance at a later date into conventional or pay off the loan on your own. The programs both have their own perks and drawbacks. Feel free to contact me to discuss your situation farther. 443-471-4317

In order to properly answer that question, a good loan officer would need a full application, then a good discussion with you over your wants, needs, and goals, along with a discussion about your long-term and short-term payment and equity objectives... There are just way too many variables, and not enough information to answer here... Contact a local mortgage broker for assistance. www.StPaul-Mortgage.com

Depending on your qualifications and where you are purchasing, a conventional loan with 5% or more as a downpayment is likely your best option

That will depend on your purchase price. Conventional will require at least 5% down, FHA will require at least 3.5% and USDA or VA can go up to 100% financing...............Since there are a lot of variables your best option is to do a full loan application and have them give you a couple of options that you can review side by side.