Finding a piggyback mortgage for a MF property?

[John C.]

Good morning BP,

Long-time lurker, first-time (very enthusiastic!) poster. 

I'm looking to make my first foray into RE investing, having spent a decent amount of time analyzing potential properties. While I have the cash to put forward as a downpayment on this property I've zeroed in on, I'd prefer to leverage that cash for incremental investments. For context, it's a $700-800k 2-unit MF, which I'm indifferent about in terms of going the owner-occupied vs pure investment route. I don't qualify for USDA / HomeReady, and don't currently own any property that I could use to leverage a HELOC or anything similar on.

I read up on piggyback mortgages (80/10/10 and 80/15/5), and I was hoping to hear from those with experience about the reality of finding/executing on these. My credit rating is 790+, my income / assets would satisfy any mortgage from 20% down to 0%, and again this would be my first purchase. 

Not to barrage with additional questions in addition to the overarching one above, but:

• What type of originators would handle this? Where would I find them?
• Are there any spoken / unspoken rules I would need to know about approaching these lenders for these types of loan arrangements?
• Do the number of units matter? I know there's a whole schedule of potential LTV ranges for SFH vs 2-unit MF vs 3-4 unit MF, with this also changing by OO vs pure-investing status.

Thanks BP!

[Caroline Gerardo]

Most piggyback seconds require 721 middle FICO score and full doc (IRS taxes).  

There are 90 LTV loans owner occupied available. Many ways to go- Can you qualify with taxes? Or 24 months bank deposits? What county is this?

Non owner debt service ratio requires more down and no second. If you have the FICO you could apply for a HELOC after you close, but it will be full doc.