1st time homebuyer downpayment question

[Robert Becher]

Hey everyone, got a question I hope someone can answer for me.

Looking to buy my first house. Was wondering if I should save up for the 20% down to save on the mortgage insurance, or just go ahead and use what I have for a downpayment (over 5%). 

Pre-approved right now for $300,000ish. Focused right now on paying off what debt I have. Mortgage lender said I’d be approved for $600,000 once my debt was gone. All debt has been consolidated to low interest Line of Credit.

The company I work for will give me $24,000 for a down payment and help subsidize the interest payments for a few years. 

Was wondering how best to maximize this. I can only do this offer for my first house, and have to live there for few years. I heard I can get a cash back mortgage too, so maybe do that and have enough to get another property and make that a rental.

Any suggestions on what more experienced investors would do in this situation? 

Thanks in advance!