Cons to FHA Cash out Refinance

[Paul C.]

Hi, I'm in the refinance part of my BRRRR project and was given options of FHA vs conventional cash out refinance. I'm using the cash to pay off my HELOC and then use the HELOC to purchase another property. In comparison, my mortgage(includes PMI on the FHA) + HELOC payment will be exactly the same, but I can get an extra $22,000 cash with the FHA. Are there any downsides that I am not thinking of or should I proceed with the FHA?