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Like Randy says, if you put 5% or more down, you can get the best rate on the 1st (assuming it's a conforming loan < $417K). If the 1st loan stays at 80% or less of the purchase price (and appraisal), you won't need PMI or a higher rate to pay for the same thing. If you really want 100% financing, right after the close go get a new 2nd to recover your down payment. It can be 20 year fixed if you want.
To me, the key on picking the loan is to have it be fixed for at least as long as you're going to be there. Why pay a 30 year rate if you'll be gone in 5? Nothing wrong with interest only, either, if you'll be gone before the loan becomes fully amortized.
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