Also, HomeReady/HomePossible (Conventional loans) can be just as favorable for househacking but also bring Conventional Conforming income guidelines to the deal, rather than the more restrictive FHA guidelines. 

If you close with a conventional loan, it will need to be in your personal name.

Doing so will seperate your investments from your personal assets and protect you from liability. also, one thing you may not know is that you cannot get a conventional loan with an LLC.

I'm curious why you want a HELOC instead of a conventional loan in the first position.

Yes you can use commission as sourced funds for down payment on a conventional loan.However some lenders have internal overlays that don't allow it.

Quote from @Paige Seeley: @Jay Hurst even with 20% down, what non conventional options are you talking about? 

As others have suggested, you could get a conventional or FHA loan if you want lower down payment options.

Why not 30 year term with a conventional loan?  

Sadly, FHA has a 2 year work history requirement, as does Conventional and USDA financing. 

My credit should be the highest allowable also and I shouldn't have problems with approval.Ok, i shopped about 80 lenders (based on Fridays rates, market is closed so no live pricing)Conventional Full Doc loan you would be at 7.875% if you put 20% down (you said what the house was worth, but not your purchase price).