As stated, with FHA, the min FICO is typically 640, and the min down payment is 3.5%. Your monthly MIP (as of business close today) will now be .90% per every $1,000.00. This is almost double from what it use to be (.55%).
Conventional/Fannie Mae, thru the HomePath program you can put down as little as 3%. You will also need a min FICO of 700-720. With the standard Conventional financing you can put down as little as 5%, and your score can be as low as 680. However, depending on your actual down payment, credit score, and the property's location, your monthly PMI can be very high. Consult with a local or locally licensed LO to determnined whats best for you.