Second home loan from Navy Federal FCU

[Tom Albares]

My wife and I currently own two short term rentals in Tucson, AZ. Both were bought as investment properties using conventional mortgages and 20% down. Navy Federal, who I bank with, has a second home mortgage with as little as 5% down and no PMI that allows rental of the property when not being occupied by the owner. But all income from the rental is taxable (normal), and income from the property cannot be used for qualifying for the mortgage or subsequent mortgages. We'd like to expand our portfolio.

Does this look a viable option to acquiring another property?  Thanks in advance