If your credit scores are great/excellent then conventional should edge out FHA, if they aren't so hot then FHA could end up being the better choice.
MGIC's guidelines & PMI rates:
Shane Milne | NMLS #81195 | Lending in all 50 states
After talking with US Bank about the options, it seems that in the last year the rules of the real estate market have changed a bit, I was told that 5% conv loas are no longer offered on multifamily property (now you need 20% min down to quailfiy for a conv loan )
looks like FHA is my only option (as it will get me where i want to be much quicker)
hope this helped