We were in the process of getting pre-approved for a loan when we hit a roadblock.

The one time I talked to one, I was told they don't deal with new development of condominium complexes (either debt or equity).

I've seen a lot of people with less than $200,000 do some amazing things by having relatives or friends put temporary money like $50,000 or $100,000 into a buyer's bank account so the bank would approve the loan, but you need to put the money in a few months before you apply for the loan, or the banks will catch onto your scheme.The following image shows only one of the types of calculations you need to do to project your profits.

Make some calls and validate since you will need a pre-approval anyway.

Looking at both FHA and low down conventional.I first went to my local credit union and the best they could do was approve me for 5% down conventional at 2.75%This seems pretty good to me but I want to do my due diligence and shop around.

My concern is that if I do a rental property before officially getting a mortgage on the home (we are already pre-approved and are saving for the downpayment when complete), this will affect my ability to get that mortgage for my primary residence when it comes time to close if my name is on loan. 

Where I'm located they just approved STR regs.

What you need is a purchase and sales agreement and I strongly suggest you use your states realtor approved contract which can be acquired from any real estate agent in your state.

I do have some business credit cards I opened too, applied with my SS# since they largely go off your personal credit for the initial approval. 

I am only interested in getting approved with my $200K income (housing prices).