PMI for Life of Loan or till 20% Equity?

[Gerrard Allam]

Hello BP Community, 

So I have a question and thought I'd take it to the larger community. I have been told and have heard conflicting information about Mortgage Insurance when it comes to FHA loans. I was under the impression that you must pay PMI if you have a FHA loan less with less that 20% down, and that you must pay this PMI until you reach 20% equity. A few people (agent, friends, etc) have said that is in fact not true and you must pay PMI for the Life of the Loan regardless of your equity in the property . But speaking to another agent they said that my initial assumption was correct . 

So which is it, do you need to pay PMI for the life of a FHA Loan or does it go away after you reach 20% equity in the property?

Thanks in advance,

G