Do I go with CountryWide for my first mortgage?

My husband and I have lived in apartments for the past 10 years of our marriage. However with the recent adoption of our daughter, we want to "settle down" into a home of our own. We were stupid in our early twenties and made a mess of our credit score (back then who even thought about their credit... show more My husband and I have lived in apartments for the past 10 years of our marriage. However with the recent adoption of our daughter, we want to "settle down" into a home of our own. We were stupid in our early twenties and made a mess of our credit score (back then who even thought about their credit scores???). With alot of work and an excellent job promotion we were able to bring up our score up a total of 120 points within the last 6 months.
We looked into CountryWide for a mortgage (a realtor suggested them in passing) and though our score isn't high enough for a 80/20, we did qualify for a 100% loan but with a higher intrest rate (between 7 and 7.25) and PMI.

My question is do we even consider this offer with the mortgage economy and CountryWides reputation?
Do we look at our own bank even though we have a very small down payment saved ($5,000 )and our credit score isn't at 660 (which we were told was the magic number for a great interest rate? ) but well above 620?
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