Most will not take an appraisal completed for a private party, and a lot will not even take an appraisal completed for another Bank and/or Lender (even thou Fannie Mae and Freddie Mac regulations do allow one bank to use an appraisal if it was completed for another bank/lender) because the clients named on the appraisal report, is not permitted to be changed once it's completed.

A conventional mortgage would be defined as a loan backed by Fannie Mae or Freddie Mac, also sometimes called "conventional financing".

However you will typically have higher down payment requirements, adjustable rate loans, and a higher interest rate.Conventional Financing - This is financing where the loans are sold to Fannie Mae/Freddie Mac.

Fannie Mae will allow you to go to 75% LTV cash out on a SFR rental.

Outside of Fannie Mae, some Non-QM lenders don't use income and employment on the application to qualify based on the DTI.

Many banks have their own programs that differ from Fannie Mae and FHA guidelines with regard to PMI, LTV, etc.  

If you're a first time homebuyer, use FHA, VHDA or Fannie Mae's 97% loan to value program to get my personal home. 

She can get a Fannie Mae or Freddie Mac loan with a 620 credit score.

This was the case with my three duplexes which I secured financing for from Fannie Mae SBL at competitive rates.

I confirmed with my underwriting staff that if I refinanced his existing duplex out of the FHA loan and into a Fannie Mae loan, that would clear his ability to then buy the duplex next door using an FHA loan again.