The problem is finding a Mortgage Insurance (MI) company that will cover a Non-Owner Occupied (NOO) property. You will be required to have this MI coverage if the ,loan amount is greater than 80% of the value of the property.
You could search around for a local bank or credit union that would do a second mortgage on a NOO property. You may be capped at 85% CLTV (combined loan to value).
If you have the resources, you could also look at bringing in the 5% difference with you to the closing to pay down the mortgage to an 80% LTV.
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 loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!