How should I choose the right lender for me?

[Lionel Quiambao]

Hi everyone! I just wanted to get other people's opinion on how I should approach choosing the right lender for me. I've talked to about three to four different lenders, and I'm trying to find the right balance between seeing my options and going ahead and picking one just so I can get the process started. It seems the biggest decision brought to my attention is whether or not I want to go with an FHA 203k loan or a conventional renovation loan.

I'm leaning toward the conventional route since it's easier to be rid of the PMI. Also, I was told if I was to apply for a conventional loan with 5% down payment that would cover my purchase price and renovations, I couldn't combine that with any form of down payment assistance. Would anyone be willing to share any other creative ways of potentially lowering the down payment? A good one that was brought to my attention was possibly going a gift of equity route which I might be able to do, but I was wondering if there are other ways I haven't thought of.

Also, I was wondering what are some good questions I should be asking each lender? A few I can think of is getting their fee structure, estimated rates, etc, but I'm not too sure what else. Would you advise to rely on these two options and just pick a lender from here, or get more quotes from other lenders to see any options I may not be aware of? Thank you in advance and I appreciate your time for reading and also responding if you do!