Pros and Cons of using an FHA Loan

[Tyra Benjamin]

I would like to start my REI through house hacking, but don't have the down payment to qualify for a conventional loan, so I'm considering an FHA loan. While a lower down payment requirement would allow me to purchase a property, I come in with less equity, and, I'd be paying PMI. Can anyone offer some perspective on this? Are there any disadvantages other than those I've mentioned, to using an FHA Loan? Thanks!