I went from a 15 year loan to a 30 year loan, locked in my interest rate at 2.85%, pulled out $111K in equity, and lowed my monthly mortgage by $20 per month. 

FHA LoansIf your down payment savings and your credit score aren’t where you want them to be, an FHA loan could be your pathway to buying a home.

If a HELOC isn’t an option, alternatives like a home equity loan, business line of credit, or a DSCR loan could work depending on your situation.

Credit pulls for the same type of loan within a short window (usually 14-45 days) are treated as one inquiry, so your score should be fine.

What really matters is how long you think you will have this loan. 

I have been doing these type of loans for 30 plus years and buying foreclosures since the late 70s.. seen it time and again  ..

When you finance through national lenders, in your experience, is a balloon a common requirement for commercial loans of this nature or is it possible to get a fixed rate for 30 years?  

Rates tend to be 25 to 50 basis points above commercial (5+ unit) apartment building loans, and 50-100 basis points above residential (1-4 unit) loans.

You said that you are applying for an FHA loan so it sounds as though you'd be living in one unit. 

@Enrique Toledo  If the seller is firm at 10% down, you can always get a personal loan for that 10%.