How to pursue first investment mortgage loan?

[Chris Shelton]

Hello all, I am looking for a little advice on obtaining financing on my first deal. I belong to a CU who offers a 30 year fixed at around 4.25%. On my application it asks if this is for a primary residence, a secondary residence, or investment. I marked it for investment. Long story short I got a call and was told I was approved, but the loan was being handled by another CU who does all the Fannie May investement loans. I was also told that even with an excellent credit rating interest rates are higher because it was an investment loan at around 4.85%. 

Am I going about this right, is the difference because I am going through a CU instead of a bank?

I am also a bit concerned that after this first deal I may not be able to pull off a second deal until I can refinance this one or do a HELOC with my primary home.

I am in an area that most single family 3 br, 1 ba are averaging $100k+ which puts 20% down at $20k. I have about 30k to start this voyage and I don't want to get thrown off course after the first deal. I am wanting to try and snag 3-5 deals this year.

I have been reading, podcasting, and webinaring, but I would like to hear some thoughts from others that started this way.