Both are great options for buying a home. For instance, they both offer flexible down payment options. Choosing the right one for you depends on many factors. If you have a higher credit score and can make a larger down payment, a conventional loan will likely offer a lower interest rate and cheaper mortgage insurance options, meaning you may ultimately have a lower monthly mortgage payment. Those with lower credit scores may benefit from an FHA loan, as they provide more flexible lending options while still providing competitive interest rates and options for low down payments.