First time home buyer looking for best type of loan

[Steven Zai]

Hi all, 

So I am a first time home-buyer looking to purchase a real estate property in the NYC metro area to either live in and/or rent out. Was taking a look at all the different types of loans out there and was a bit confused and trying to figure out the best option for me. I took at look at the SONYMA loan vs. FHA vs. traditional 30yr fixed. Rates and everything is different and I know some of the programs allow for 3%down payment and offer assistance.

Background:

Credit score is above 700 so I don't perceive that to be an issue.

Have some money saved for down payment

First time home buyer.

Thanks alot in advance!

Steven