re: FHA: Insurance premiums for mortgages will no longer be phased out at 78%

I'm actually in the process of buying and selling. We looked at an FHA loan but the pmi was going to be over 200 extra per month added to the mortgage. We both have excellent credit, mine was 780 and above and my wife's is over 800. We cannot do an rd loan and have to look at conventional with a higher rate. Pmi pisses me off because we are basically paying for the past lenders screwups. They gave loans to people they shouldn't have and got bitten in the arse because of it and now responsible people have to pay more because of it.
I think the way the new rules will lay out is that it will not affect anyone who buys before April. The rate depends in the amount you put down and is a percentage of the loan amount. 97-95 down = .9
95-90 = .78, 90-85 = .52 and 85-80 = .32