FHA loans have a 1% upfront premium(which is typically financed), as well as a monthly premium of 1.15% if your borrowing >95%(which is the new rate effective Monday 4/18/11) in which is mandatory for a minimum of 5 years as opposed to conventional loans which has no upfront premium and a monthly premium that falls off when you have 20% equity in the home. The downside of a conventional is a higher mortgage rate and tougher guidelines to be approved. I will be happy to discuss different options with you as well work with you at getting the best possible rate. I can be reached via email at firstname.lastname@example.org or phone 347-903-5626.
P.S.- you are eligible for the current FHA monthly premium of .90 if the case number is pulled before 4/18.
Home Savings of America
Member FDIC, Equal Housing Lender