Just as a heads up (I also have FHA loan), FHA loans have MIP not PMI. If your initial down payment is <10%, the MIP can not be removed unless refinanced to a non-FHA loan. If your initial down payment is >10%, MIP falls off after 11 years. There is no 20% rule on an FHA loan like there is on conventional. However, I still strongly recommend FHA because the MIP really isn't that high, just note it can't be removed unless you refinance.