FHA vs Conventional, I want to understand Real estate financing

[Bankole Olonilua]

I am trying to pull an out of state deal, in a state I used to live in and could possibly relocate to.My goal is to buy a multifamily property. after talking to a few lenders I have learned that there are 2 types of loans that fit my need FHA and conventional both at 3.5% DP. I understand the FHA lending process even for first time home buyers. The conventional 3.5% DP however, what are the criteria? Does the property have to be my primary residence to purchase this at 3.5%? does this vary by lender? What if the multi property I want to purchase is fully rented out? Hoping to get some help as a newbie