Cashout refi Chicago conventional vs fha pmi

[Aaron Frances]

Im looking to do my first cashout refi in Chicago and was quoted a 4.8% on 30yr or a 4.1% fha on 30yr. I owe 192k and arv we are guessing is 350k so all I want is 60k to pull out. That gives me a new mortgage if around 260k he mentioned throwing closing cost into the loan. Fiference of two mortgages was $1933 or $1988 for the fha loan. I'm curious which loan APR I should choose 4.8% conventional or the 4.1 FHA? Sucks paying mortgage insurance but the 4.1% looks so much sweeter. I'm looking to make $3150 in rent. I asked a newbie question and said wouldn't the FHA pmi fall off once I pay 20% of mortgage off and he told me that it would stay for the entire life of loan. I'm not sure how true that is, any input would be greatly appreciated.