HUD(the govt) just announced that they are lowering the FHA annual mortgage insurance to .85%. This is lowering the monthly MI from 1.35% to .85%, that is a savings of .5%. On a $200k loan amount this is a monthly savings of $86! This was just announced so I will update you with all the specifics and the date this goes into affect once it is formally announced. This is fantastic news!
UPDATE- The lower mortgage insurance goes into affect for all FHA case numbers ordered on or after 1/26/15