How is their credit? They need high scores, but negotiations are possible.
The safe bet is to come up with 10% in the event they are not HUD approved.
North American Financial
2600 Paseo Verde Parkway Suite 100
Henderson, NV 89074
Office: (702) 407-9335
Direct: (702) 686-4819
Even though FHA has tightened up effective at the end of this month I believe, PROVIDING credit and income are good, there are still a few programs out there. The best one to talk to of course is a loan officer regarding these programs as they are constantly changing.
Any Realtor can search for Owner Financing/no money down and perhaps a lease option. The problem will be covering the commission/closing. You can also go on Craig's List and RGJ.com and search similar parameters.
Keep in mind with dealing with private parties that no money down, lease options etc. can be a huge scam, overpriced etc. Do your homework.
In regards to a Condo, our model is showing 2 to 5 years to stabilize let alone appreciate. They also tend to be awash in lawsuits and scandals as many Attorney's are targeting HOAs now (also residential HOAs as well). Fleur De Lis for example is down almost 50% because the Homeowners are sueing the Developer over a fountain, cracks in the swimming pools and a couple of alleged construction defects.
You may also try a real estate wanted ad at the papers and Craig's List etc. I would put in the ad "No properties bought or refinanced after 2004" as those tend to be buried and Sellers are doing anything to dump them to an unsuspecting Buyer.
I hope this helps, let any of us know if we can help, this is a great time to buy, I look every day and am in the process of picking up a home a month now myself.
Reno Realtor selling Reno real estate
John is right, 100% financing is a challenge in the current credit enviroment. Most of the programs that were available end Oct 1st., but there are a few still available. I would suggest checking with a few lenders to see what is out there. B of A is one. If you need some names and numbers, let me know and I will be glad to forward them to you. John is also right in that not all condos will qualify for 100% or FHA. If the occupancy is greater than 50% rentals, lenders tend to reqire a 20% down.
It may be challenging , but it is possible! If tey already gave notice, don't hesitate and get started right away.
Best of luck!