FHA loans didn't contain DOS clauses until 1989, VA loans 1988.  

So the though Hey I have an 800 fico and I should get a loan does not work.

Also there is no restriction on acquiring conventional loan on primary residence even if you have maxed out on conventional loan for rentals.

The only way to pay down a loan, is to pay down a loan.

I see little benefit in the FHA as an option as long as the 5% conventional loans are available now.  

They will go up to 100% loan to value or LTV (or used to). 

They finally get back to me after the close date to say they need more time because they are try to cross collateralize their other properties to make this deal happen and the bank they were using doesn't do this kind of loan. 

It allows you to take advantage of a low down payment loan.

@Jordyn Ohsnot enough info to helpbut if you're using a HELOC for the down payment AND getting a loan, then you're probably negative cash flow given that's 100% leveragei would never do that unless i were going to refinance in the short term

Many banks securitize their loans (bundle them together) and sell the loans to Fannie Mae or Freddie Mac, while continuing to service the loans, that is collect your payment.