That allows you to buy with a conventional owner occupied mortgage with less $ down and better rates.

As long you are doing rate and term refinancing you can refinance any time but if you want to cash out you need to wait 6 month under conventional loan. 

@Terrell Garren I run a business where sales are dependent on sales at comic book conventions and other events.

I wanted to do a homestyle loan.. but the percentage was higher and I could not figure out to be certain of everything.. homestyle loan was going to be at 4%, but a conventional was 3.37%.. after I started showing a potential house to contractors to get an idea of how much it would cost, the house quickly went under contract after being on the empty market for seventy days with no interest..

Conventional lenders will require you to transfer the property into your own name at closing. 

conventional 20% down loan?

Conventional loans and fha loans will have different criteria. 

If I wanted to use a conventional loan, I would have to save for at least one more year to come up with the 20% down payment. 

It appraised for $480k after the work was done, and I refinanced into a conventional loan immediately. 

Then Refinance the FHA after a year.Alternatively we spend a larger chunk of our down payment money on a conventional loan for our home and wait 1 year before we can start brrrr.Do I need to get a CPA?