Looking for 203k loan advice

[Michael Haley]

Hey all,

I am a first time homebuyer looking to buy a duplex in the central NJ area. I've read up on FHA loans and 203k loans. Leaning towards using a 203k loan. I have approx 70k saved and debating using that for the down payment which would cover approx 20% even though he minimum is only 3.5%. Are there any pros/cons to putting 20% versus putting the minimum. Any further insight would be greatly appreciated.

Thanks