If I qualify for an FHA loan, is there any reason to consider a standard "conforming" mortgage?

Answer 1

There are only two reason's for you to consider a FHA loan.  Low down payment and lower credit scores.  FHA requires a minimum down payment of 3.5%.  If your down payment is more than 20%, you should not consider an FHA loan.

Answer 2

Yes as mentioned above.  The mortgage insurance is way cheaper on a Conventional loan as opposed to FHA.  If you can put down at least 15 percent or are refinancing then a Fannie /Freddie loan (conventional) is the way to go.  You will not have the upfront 1 percent mortgage insurance premium and if you do have mortgage insurance it will be significantly less a month.  FHA is great for people who do not have much more then 3.5 percent down and credit scores less then 700 or debt to income ratios are high.

Answer 3

The loan(s) for you to consider is the loan for which you qualify, that is of the least coast to you. The cost is not only the interest rate and mortgage insurance, but also points paid for origination or rate discount

Whereas FHA does not have rate hits due to credit score, a conforming loan will. You have to look at the overall financial picture to determine which best suits your needs.