Conventional 10% down payment vs FHA 3.5% down payment; which program is better?

[anh2lua]

Hello,

We're thinking of buying a bigger house in a better school district.  However, we don't have 20% down payment until we sold our current house.

With the new FHA rule, borrowers will have to stuck with PMI for 11 yrs or for the life of the loan.  However, I've heard that borrowers CAN refinance to get out of PMI if the LTV is under 78%.

In our situation, we're thinking of buying a new house, then sell our old house and pay down the new mortgage.  We can stretch out to 10% down payment now.  

My question(s):

What the the advantage/disadvantage between these two loan programs:  

Conventional 10% down payment vs FHA 3.5% down payment.

Note: we will refinance the new mortgage within 6 months, if we go with FHA.  So, refinance cost and up front fee ((UFMIP) will have to include in calculation).