Duplex House Hack FHA vs Conventional

[Ty Hogan]

First time investor here, 

I am currently in contract for a duplex that I will be house hacking, with plans to do 5% conventional due to my lender stating this was a possibility. He emailed me today stating that he was mistaken and that the investing company they use will only go up to 85% of value. With that said, I would need to bring 15% down ($28,000 including closing costs) to closing if I stay conventional. If I switch to FHA, I would bring 5% ($12,000 including closing costs) to closing but would need to re-do all of the paperwork (assuming the sellers are okay with this). I would still have a decent amount in my savings account if I go the conventional route, I just was not anticipating fronting this much on a short notice. If it is advantageous I am okay with this route as it lowers the mortgage and increases cashflow.

Any advice on which way to go is appreciated! 

[Ronald Allen Barney]

And I would never again work with a mortgage broker who baits you with 95% LTV and switches you to 85% after you're in contract. That information should always come early and often from a broker.