Which Loan Would You Recommend?

[Brayden Flack]

Hey BP family,

I hope that this is posted in the right forum. Anyways, I'm new to real estate and I just recently made an offer on my first single family house and I'm currently under contract. I've basically got two options for loans on this house and I'm trying to figure out which one would be best. My current plan for this house is to house hack and then eventually turn it into a rental, maybe sell it. I like both of these loans and I'm tempted to go with the 30 Year Homeready Conventional loan because I think I can get a pretty good chunk of equity after my appraisal. (The county website currently says the market value for this house is $40,000 above what I'm paying for it.) However, the 30 Year FHA option also has some benefits. I've attached pictures of both loan scenarios and would love any feedback as to my thinking and current feeling of going with the conventional loan.

Loan 1: 30 Year FHA

Loan 2: 30-Year Homeready

Thanks in advance!