Looking at buying first SFH rental. I've been advised that I do not need a LLC at this time, but looking for recommendations on where to get the best mortgage rate. My local bank has quoted 3.975 fixed for 20 years. 20% down. Selling to Fannie Mae. Is that about standard? 800 credit score no other debt besides primary residence mortgage.

To me that seems high interest rate with 20% down and 800 FICO 

personally I would go 30 years. With rates this low I would try to get as long as possible.  Also help with cash flow a little bit 

@Michael Plante

Was thinking the same. Plus a 30 year is only .03% higher, so really a no brainer.