Unfortunately, Steve and Equality are both incorrect.
I just want to make sure I fully understad. I am assuming that the purchase price is $375k and the loan amount is $306k. If that is the case.....
First, for FHA loans you don't pay PMI, you pay a MIP (Mortgage Insurance Premium) but that doesn't really matter since they are about the same thing. Most importantly you have to pay the monthly MIP for 5 years. Once again.....it cannot be removed on an FHA loan or 5 years!
For FHA loans you will not only pay a monthly MIP, but you will also pay an up front MIP which will be about $3000. Your monthly MIP will be about $267/month. OUCH.
If I were you, I would absolutely not take out an FHA loan. In fact, any lender that has recommended this product to you is not doing their job.
All you have to do is put an additional $6000 down to cover the full 20% down.
Again, I'm not sure if I fully understand if you are "purchasing" the home or if you already "own" the home.
If you already own your home refinance your home immediately into a conventional mortgage up to 80% of the value of your home. Take a 401k or whatever you need to come up with the difference so that you are exactly at 80%. After you close on the refinance you can either keep the 401k loan or take a 2nd mortgage to pay it off. Either way paying over $200 in mortgage insurance is wasting your money.
If you want to leave additional details on what is your exact situation I'd be happy to add more recommendations on what you need to do.