It depends on the price of your home as well. FHA has the limits. As long as you stay under $417k you won't go jumbo with NFCU. I just bought my house with NFCU 5/5 arm, no pmi, no down, no origination fees. I received 4.25% to start as that was the lowest available without paying points when I locked. Same cap and margins as you listed. I had put $5k down in earnest money with my builder and when I went to closing last week I got a $197 check back. NFCU also paid $500 toward my closing. My original GFE was $11,600 and it ended up being only $4800! NFCU has always given me very high GFE's and I always come in way less. So it worked out great for me. I will definitely refinance before my 5 years is up unless things take a dive and interest rates skyrocket. But it's a good deal to get in the home with little money out of pocket. After all was said and done I put out $4800 on $384,880 loan and closed in 25 days from app to keys in hand. Not too bad if you ask me
Good luck with what you choose!