Question about FHA loans and mortgage insurance

[Ninten-doh]

So I'm looking to refinance my mortgage and consolidate some credit card debt.  Given all the options, an FHA loan seems like the best option for me.  However, I'm concerned about the mortgage insurance.  Because I won't be putting 20% down, I'll need to carry mortgage insurance. Now this is where I get conflicting info...

For a conventional mortgage, once the principal hits 78%, the mortgage insurance automatically goes away.  I was told this is NOT the case with FHA.  Is that true?  I should be able to get to 78% reasonably fast, so I can deal with the friggin mortgage insurance for a bit, but I don't want it for the life of the loan!  Ouch!

[lordtodd75]

Not sure if it is the same everywhere but there is a 1.5% closing fee associated with FHA loans and you have to keep the MI for 5 years regardless of how much of the principle is paid off.