re: Anybody done an FHA loan?

Gone over this on several other threads, but if putting less than 5% down FHA PMI is .85% of loan balance readjusted yearly for the life of the loan. If putting 5% or more down it is .80%. If you put 10% or more down it is the .80% PMI plus it automatically gets dropped off after your 11th year of the loan.

Whereas Conventional PMI can be anywhere from .2% to 1.6% depending on down payment and credit scores. It is based off your original balance and does not decrease yearly like the FHA. However, you can get it to drop off at 80% Loan to Value or automatically drops off at 78%. It is required you pay it on time for at least 2 years though.

Both have its pros and cons, but essentially good credit score go conventional marginal credit score go FHA if available.