Pros and Cons of a FHA loan

[Fatima Champagne]

In a prior discussion, a number of BP members recommended that I start with a FHA loan. I plan to purchase a duplex or quad in the coming year, and originally thought to save 20% for a down payment. But a good deal of you responded and suggested that I opt for a FHA loan and put down 3.5%. While that all sounds fantastic I imagine that every options has its downsides. What are the negatives with going with a FHA loan? What are the positives?

( I am aware that FHA loans require the borrower to live on the property for at least a year, but seeing that I originally planned to do this anyway - this requirement wouldn't be an issue)