Unfortunately - there are no programs as described for NOO properties. Agency guidelines are a lot more stringent for NOO. Why? Statistics show when borrowers get into a financial pickle - they stop paaying on NOO before they stop paying on their primary residence.
Castle & Cooke Mortgage
Ph: (949) 212-4578
I do not know of a loan program to buy an an investment property (NOO) with only 5% down, whoever, I do know of a loan program for you to purchase a second home with only 10% down & no monthly mortgage insurance.
One item of note, when you finance a second home, you will be agreeing not to rent it out for the initial 12 month period.
Please feel free to contact me directly if you have any further questions, I'd be glad to help.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline refinance loans (NO minimum credit score, NO appraisal required), HARP 2.0 - No Appraisal Required to Refinance Underwater Homes, HomePath, Investor Friendly (10 financed properties), VA, VA Refinance loans (NO appraisal required on IRRRL loans), USDA loans, Jumbo loans, Conventional loans, plus, we allow Escrow Hold-Backs!
You need to work with a Lender or a Mortgage Broker to find out if you qualify for a loan with a 5% down payment. I work with several outstanding lenders that can help you. If you'll contact me, I'd be happy to refer them to you.
With Warmest Regards,
Birgit O'Hearn, Realtor
Keller Williams Realty
There might be other options that you can explore, there is not enough space to tell you here, but it is easy for you to get more information.. go to http://www.pacwestforeclosures.com fora complete list of homes for sale and enter your email for a free report on the many ways to finance real estate or you can call 714-771-3800 for a no obligation consultation on your specific questions.