What is the best type of mortgage loan for the lowest monthly payment?

30 year fixed? 2/1 ARM? I need a loan with no PMI and low points and the lowest possible mortgage payment a month. What Im working with:





Credit score 600


Annual assets (Salary) 34500


Monthly Debt: 70


House loan amount: 106000


Available to put towards closing costs (Including down payment) 12000





Any ideas?What is the best type of mortgage loan for the lowest monthly payment?
obviously you haven't been watching or reading about the mortgage meltdown. 30 year fixed and certain lenders will ignore the rip off PMI crap. Shop around but insist on 30 year fixed.What is the best type of mortgage loan for the lowest monthly payment?
I have programs for individual with midscore of more than 600 which will allow you to go without PMI and of course a low payment.


If you think that all of your scores are more than 600, please get in touch with me for 24 hour approval.
I think you have a lot of options but need to look into a few different lenders to see who will give you the best rate. I would think that most lenders will work with you. This site also offers some good information, but it's more centered on investment properties: http://www.investmentpropertiesinfo.com/鈥?/a>