Conventional financing will give you the best terms more often than not, but in this instance it doesn't seem like that is a possibility for you.

And do the same rules apply whether you have a conventional loan or a jumbo loan?

If I buy a single family home with a conventional mortgage and 5% down, I'll have enough left over to eventually buy another property if owner occupy it and use an FHA loan.

Standard 30y conventional.

But now that we've closed on the property, we'd like to shop around for a conventional loan, so we can lock in a low(ish) interest rate before the fed increases.

But now that we've closed on the property, we'd like to shop around for a conventional loan, so we can lock in a low(ish) interest rate before the fed increases.

Plan Overview:Get FHA loan for 3.5% RenovateAfter a year,  Refinance to a conventional 30yr fixed loan to get lower interest rate, and get access to equity + remove MIP. 

Conventional LendingHow did you add value to the deal?

Due to seller's financial needs however, a full cash-out offer was ultimately agreed upon, and a conventional commercial loan with a 10 year term amortized over 25 years with 27% down was secured.

Conventional How did you add value to the deal?