Is this a 20% down condo or a 5% down conventional loan?

Either I try for second tier entitlements or try and convert to a conventional with my current home.

I would like to refinance with a conventional loan, but I am looking to use a conventional loan in the next year on a different house I would live in for a while and then rent out and buy another.

If you’ve never owned then conventional absolutely makes the most sense since interest rate and down payment would be lower!  

We purchased it with a conventional loan with 20% down and we estimate that we already have about $200K in equity.

@John Clark He can't transfer to land trust with a conventional mortgage.

Wells Fargo conventional loan with a 25% down payment.

For reference, I am self-employed (I run my own online clothing business, i am 1099-k) and I've always been told that it'll be hard for me to get a conventional mortgage when you're self employed, so I am specifically asking about other types of loan options.  

With the hefty down I'd aim for a lower I/O rate of 5-6%..Conventional terms would be in the high 8%'s.

The other thing I was reading was that you can get the second home if you still had “entitlement” on your Certificate of Eligibility or you can change your 1st home to a conventional loan (that is likely pretty involved)