Home Financing (FHA) - PMI Question?

Is it true Mortgage Insurance must be carried the full length of an FHA loan? I live in Ohio and and shopping around for home financing. I will most likely be opting for an FHA loan. One of the lenders I've been speaking with says mortgage insurance must now be carried the full length of the loan, but I had... show more Is it true Mortgage Insurance must be carried the full length of an FHA loan? I live in Ohio and and shopping around for home financing. I will most likely be opting for an FHA loan. One of the lenders I've been speaking with says mortgage insurance must now be carried the full length of the loan, but I had read that it can be cancelled at 80% if other terms are met. Can anyone clear this up for me?

Thanks
Update: Thanks Dan.. I realize now I had the designation mixed up. What I am asking about is MIP for FHA loans.
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