No, FHA is not your only option with a 694 credit score.. if just comparing FHA and conventional, even with 10% down, I will say that FHA is your better option. I wrote about it here : Proof that FHA is better than conventional with a 699 credit score and 10% down.
If you are a Veteran and can do a VA loan, that would be better. If you are buying in an area that allows for USDA loans, that would be your next best option. If not, as I explained above, then FHA would be your next best option, even with 10% down and a credit score of 694.
If you need any help or have any more questions, please don't hesitate to contact me.
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