Once you do that, you can then get what is known as delayed financing through Fannie Mae.

Most banks are at least 1.25What are some typical loan terms Depends on the product, you can get 10/30 (arm/amort) on commercial Fannie Mae loans above 1.25 M but you are likely looking at a 5%+ loan w a 5 year arm (some lenders will do 7 with a larger interest rate) What else do commercial lenders look for.  

I don't understand why Fannie Mae's guidelines would be 15% minimum down for 2-unit, but then it's impossible to get the required mortgage insurance.  

Give Fannie Mae HomeStyle loans a look as well. https://www.fanniemae.com/content/fact_sheet/homestyle-renovation-product-matrix.pdf

You can clear the slate so to speak of the 10 financed property rule via Fannie Mae if you know what to do next and how to structure it.

.), with one of the loans coming up for maturity .I want to refinance both prior to rates going any higher but I am torn over whether to hold both in a commercial loan for 5.5% giving me access to a LOC on them and not tied to personal credit (excellent credit), or to hold both as conventional Fannie Mae loans with a longer term, 20-30 years, and cashflow a little bit higher.

Fannie Mae (FNMA): A congressionally-chartered corporation that buys mortgages on the secondary market from banks, savings and loans, etc.

The Agents with LOTS of listings almost always have an account with HUD (FHA) or Fannie Mae.

In the lending world there are basically 2 types of loans for these properties - "Conforming" loans or "Portfolio" Loans.A "Conforming" loan is a loan governed by Fannie Mae and Freddie Mac (if you recognize those names).

*Fannie Mae, Freddie Mac and HUD Mfam Loans are your friend!