The Rate for FHA is always lower than Conventional Financing and when financing over 80% Loan to Value the PMI can be lower too
Whenever you are considering a purchase or a refinance, it is always smart to compare FHA vs Conventional financing. If there is PMI involved FHA always wins. The rate is usually at least .75% better than conventional and the PMI stays the same no matter what credit score. With conventional financing the PMI can really bounce around if the scores get lower
