FHA vs. Conventional loan, which is more advantages?

I dont have a 20% to put down on a loan amount of $250,000 for a home, but I do have 10% to put down. I qualify for FHA but would have to suffer PMI. I was told I can do a conventional loan, which requires only 5%, and avoid PMI. Given my amount above (loan amount and 10% down), which loan would be more of a... show more I dont have a 20% to put down on a loan amount of $250,000 for a home, but I do have 10% to put down. I qualify for FHA but would have to suffer PMI. I was told I can do a conventional loan, which requires only 5%, and avoid PMI. Given my amount above (loan amount and 10% down), which loan would be more of a preffered option and why? I will be locking in a rate of 4% if I go FHA, and 5% if I do conventional.
Update: Are you saying that the mortgage advisor is lying?
2 answers 2