What are the drawbacks for getting a FHA loan?

My wife and I would really like to purchase our first home before the market goes back up. However there is no way for us to save up to 20% for down payment. I'm considering in getting a FHA loan, but I would like to know all the drawbacks. I know that my interest rate will be more, but how much more? What... show more My wife and I would really like to purchase our first home before the market goes back up. However there is no way for us to save up to 20% for down payment. I'm considering in getting a FHA loan, but I would like to know all the drawbacks. I know that my interest rate will be more, but how much more? What else should I be concerned with?

Also, both my wife and I have really good credit score (both are above 775). Will this help us get a better rate even through FHA?
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