Question regarding various types of mortgages

[Anonymous]

Sorry for my lack of knowledge on the subject (completely new to all this) but im just getting things in order before i start looking for a house.  Im hoping by the summer Ill be ready.  Ive been reading up on the various types of mortgages but alhonestly they still confuse the heck out of me, especially the FHA types.  Heres my info:

TU: 766

Equifax: 740

Experian: 769

Back in 2002 I had (1) 30-day late payment

Monthly debt roughly 200$

3 credit cards all have zero balances with a total limit of $9000

As for down payment I am looking at hopefully around $15000 total

Im also hoping to get pre-approved for $250,000-$270,000

My annual income is $48k

I would be a first time buyer

I guess my question(s) is/are...how do you know what type of loan/mortgage is right for you? Or whether or not the FHA types are better.  And lastly do most people go with a fixed 30yr or do like a 7/1 type?  Once again sorry if these come off as dumb questions but reading all the info gets really confusing.

Jeff

[DallasLoanGuy]

Your loan officer should provide you a good faith estimate of both fha and conventional. bring them here and we can sort thru them with you.

 fixed. adjustable rates are higher.

 depending on the tax rate where you live, that is a lot of house for the income

[Anonymous]

Thanks Ill do that, when i get more info.  Unfortunately where I live, Just north of Philadelphia, our surrounding area although hit with the recession has hardly affected thehouse market unlike many other areas of the country.  Average houses in the area are still 250,000-450,000