FHA vs Conventional Loan

[John Eringman]

Hey guys,

I just started getting prequalified for a loan on my first duplex.

I wanted to put 3.5% down using an FHA loan, but after speaking to multiple loan officers, they told me I should put 10% down with a conventional loan. They specifically said, "If you use a conventional loan, PMI will go away once you have 20% equity in the home. With an FHA loan, you will have PMI for the life of the loan, no matter how much you've paid off." 

I know BP has always preached an FHA loan, but if I have the cash available for a conventional loan should I go that route? According to them I can also get rid of PMI once I have 20% equity in the home.

Can anyone confirm if their statement is true? Also do you guys have a pros and cons list of an FHA vs Conventional loan?

Thanks BP community!

John