The rate and the closing costs are coming from 5/3 bank which is also my local bank. They have some of the lowest APR's on mortages here and one of the few local banks who are offering FHA loans to their customers. I would go Fannie Mae and lower my closing costs to around 4k with no PMI but I also couldnt get cash out at close either. The 10K+ I will be getting out will end up going right back into the house by way of a kitchen remodel which will increase the value of the house.
