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Should I choose FHA or conventional?

Short answerFHA often wins with credit below about 680 or a higher debt ratio; conventional usually wins with credit above 700 because PMI is cheaper and removable.

Reviewed by Juan Fernando Romero, NMLS 2557318Updated October 14, 2026

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FHA Loans

An FHA loan is a government-insured mortgage that allows 3.5% down with a credit score of 580 or higher, or 10% down with a score from 500 to 579.

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Conventional Loans

A conventional loan is a mortgage not insured by the government that follows Fannie Mae or Freddie Mac guidelines.