The conventional market is just below that with a great score, so if you can get that with a 550 and no doc then you have my attention.

@Scott Sambrook Typically the conventional mortgage guidelines will allow you to use the new value after 6 months. 

Probably what is killing the deal is the down payment that would be required. you could not go FHA or VA so conventional would be the only choice. 20% down would be almost 400k!

@Lynette Gryniak expect that, in general, nearly all underwriters (conventional or government guaranteed) are going to want to track down the original source of funds for the previous 60 days that are larger than about 2% of the total cost.

Paid 80k. 8 years remaining on 15 yr conventional @ 2.99% and $49,500 left on the mortgage.

All the conventional loans will be a max. of 75% on a single family property.

Do I still qualify as a first time home buyer once I apply for a FHA or conventional loan?

I plan on Airbnb’ing the property long term but the new lender was also going to switch the loan type from a commercial to a conventional.

I will most likely be doing conventional financing. 

Put money into a rehab to increase the value of the property, and refinance into a conventional loan at the increased value.