PMI will automatically drop off at 22% equity. This will typically take around 9.25 years unless more principal is paid than required.
Minimum 3%-5% down payment.
Typically lower monthly PMI than FHA.
Only loan that allows financing of an investment property (minimum 15% down).
Rates are typically around .25-.75 higher than FHA, VA or USDA depending on the credit score (There are Conventional adjustments to the rate based off the credit score. These are not lender adjustments but rather Fannie or Freddie adjustments. Fannie and Freddie insures Conventional loans).
Seller can only pay up to 3% of the sales price toward closing costs and prepaids unless the borrower is putting 10% or more down (then 6% seller contribution is allowed).