FHA loan, need some info?

i was told i need to pay fees up front for a FHA loan is this true? what are the pros and cons of a FHA loan and will i need to pay PMI if i get 90 % of value i am looking at 5% interest. i am paying 5.75% on 300,000 and 6.75% on 80,000, planning on consolidating i only paid down 3 years and 1 year on my current mortgages.