Unlike conventional mortgages, FHA loans do not waive mortgage insurance when you put 20 percent down. All FHA homeowners are required to pay mortgage insurance regardless of down payment — though if you put at least 10 percent down, you’ll only pay it for 11 years instead of the life of the loan. If you have 20 percent down and a credit score above 620, you’re likely better off with a conventional loan because you won’t have to pay for PMI.