Yes, I found it to be a great program. A lot of choices to choose from. I'm not sure about the terms that you stated, but I'm not a FTHB and make x3 times the median area income. I am surprised that they have choices for me to choose from: conventional loan with 10% down + PMI, 80/10 loan, 5/3, 7/3, and 10/3 ARM; and more interestingly, lower rates than your typical large banks.
Local Bank = 1706.03 + 265.85 = 1971.88 + property tax (20-yr, 80/10)
BoA = 1677.80 + 237.16 = 1914.96 + property tax (30-yr FHA + PMI)
It looks like it's a no-brainer going with local bank.