FHA: On a 30 year do you only pay mortgage insurance for 5 years?I ‘m approved for a Conventional Loan, I have great credit and I'm going to put $10000 plus down .But I think the FHA is a better deal, lower interest rate and the Mortgage Insurance on a FHA you only pay for 5 years on a 30 year. Even if i have to pay 1% up front and $20 more on morgage insurance for 5 years .What do you think? Is it true you only pay mortgage insurance for 5 years compared to the conventional of 80% of the loan?September 25 2011 - US00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.