Traditional govt mtge options.. Thoughts?
Hi BP:
I'm looking to finance a SF purchase for myself (owner-occupied). I own 2 properties in FL, both single family, one is FHA, other one is FNMA Conv. Both rented and positive cash flow.
Subject Property: Traditional detached SF property in NJ
Purchase amt 410k
10% down (don't have funds to do 20% unfortunately)
While I am confident in my mtge guy, for prudent measure I wanted to check w/ the BP community to confirm the following..
- Freddie: 'My income is too high' (Can certainly give figures, but not sure how to break it down.. 2017 salary + bonus; Rental income, 2018 salary formally approved and documented, but not effective until July; and 2018 bonus (which I have received already)
- FNMA: 'To get a second FNMA mtge, I need to put down 20%' (which I would like to do, but cannot come up with an extra 41k)
- FHA: 'My only option' (with the 1.75% upfront PMI and monthly PMI for life of the loan). (I know FHA 15yr doesn't have PMI, but I cannot afford the payment on a shorter duration loan)
Any further detail needed? Please let me know. I appreciate any advice or feedback.
Ryan