Conventional loan vs FHA for our situation... which one is best?

[Ethan McRae]

My business partner and I are interested in househacking either a duplex or a triplex together. Based on the research I have done it seems like a conventional loan would be more suitable for our situation for the following reasons...

-we both have great credit

-we most likley will be able to put down 5% 

-PMI seems like its much less than FHA mortgage insurance

That being said, it seems like we should go with a conventional loan. However, I was curious to know if there is any other advantages that I might not be aware of for FHA loans other than the fact that you only need 3.5% down and can have just ok credit.

Thanks!