Hello- Good answers below. With our company, the FHA rates are generally 1/8 % better than the conventional rates- but after you factor in the Mortgage Insurance Premiums with FHA, conventional is the way to go for sure.
FYI- Conventional rates for someone in your shoes would be between 5.125%- 5.25% most likely. This is not a rate quote; I'm just giving you some parameters. This is with no points charged, BUT there are typical closing costs associated. Hope that helps.
Please contact me if you need further help with anything. We have numerous offices all over Mass. Thanks and good luck,