FHA vs conventional for first time owner occupied loan?

[Taylor Robertson]

Hello!

I am new to the community. I hope to learn and contribute the best I can to this awesome community! I am interested in getting my first property--a duplex house hack where I live in one side and rent out the other. However, I want to go with the best financing option I can within my means. If all goes well, I'm not against moving out one year later and repeating the process. Financing wise, the two most popular options I've come across are FHA and conventional with a low down payment. I have about 30k saved up, but I don't want to lose all my savings for a down payment. Is a 3.5% down FHA worth it knowing that PMI will be locked into the loan for the length of the mortgage baring a refinance? Or would going the conventional route be a better option? Are there any significant benefits to one versus the other?

I have great credit and a stable income. I'm just new to the world of real estate and want to get started on the right track.

Thank you!