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Updated over 4 years ago on . Most recent reply

Mike Austin's profile image
Mike Austin's profile image
Mike Austin
  • Investor
  • from Round Rock, Texas
  • Member since Oct 24, 2016

User Stats

50
Posts
24
Votes
Mike Austin's profile image
Mike Austin's profile image
Mike Austin
  • Investor
  • from Round Rock, Texas
  • Member since Oct 24, 2016
Mike Austin
  • Investor
  • Round Rock, TX
24
Votes |
50
Posts
Private Lending & Conventional Mortgage Advice

Piggyback(80/15/5) vs FHA Loan for Rental

Mike Austin
  • Investor
  • Round Rock, TX
Posted

Hi,

I've been talking with my loan officer about financing a multifamily property in my area. She mentioned that I might have the option to use an 80/15/5 instead of a 3.5% FHA loan. This would get my monthly payment lower since there would be no PMI and allow me to improve my cash flow. Has anyone ever used this type of mortgage to finance a rental property?

Are there any drawbacks to this? I will have to take out two mortgages, so would this limit my ability to finance more properties in the future? Any thoughts from an investor perspective would be great!

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