Best choice for for construction loan

[Miguel Rubio]

Hello fellow BP members,

I am in the early process of developing a 24 apartment building. I bought the land, (it's already approved for 24 condominiums), there are some original plans that the architect is modifying and will be done in a couple of months. 

 I am planing to keep them as rentals, so I would like to get a construction/permanent loan. I was looking into the many different types: conventional, FHA, fannie/freddie etc. 

I briefly talked to a mortgage person today and we will have a formal conversation next week. He was suggesting an FHA loan since it has better rates and terms. The rules of the loan requires a qualified GC and union shop wages. I'm an HVAC contractor and have worked with a few GCs/developers that I am hoping to approach, but I'm not sure if they'd be considered 'qualified' by the FHA definition.

Would a conventional loan be better than an FHA loan due to the restrictions? Any insight would be welcome!