FHA or Conventional loan?

I am hoping to buy my first house around January and had a few questions. I read up alot on FHA loans and conventional loans but wanted to know what everyone thought and what they would recommend for a first time homebuyer. I am probably going to be buying something that would need a little work in the $50k-$70k... show more I am hoping to buy my first house around January and had a few questions. I read up alot on FHA loans and conventional loans but wanted to know what everyone thought and what they would recommend for a first time homebuyer. I am probably going to be buying something that would need a little work in the $50k-$70k range and hoping for the lowest downpayment/closing cost possible. I should have from $5k-$7k to put towards a down payment and fees. I know bank of america is offering no closing cost, application fees, and no buyers insurance with a %10 down so would it be a better idea to do something like that or just do a %3.5 or %5 down payment and pay the fees? Thanks for any and all advice :)
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