Traditional govt mtge options.. Thoughts?

[Ryan Z.]

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