If it were Owner Occupied, you could potentially come in with a 0 down payment loan program on a "fannie mae" community homebuyers program (as long as it was not identified as declining market values in the area the property is). Otherwise FHA is still available with essentially a 3% down payment in most cases. Both programs are requiring full income documentation, unless you have a 5 or 10% down payment and a 680 score.
On a second (Vacation) home there is no program I know of with a 0 down payment right now.......unless you can convince a Seller who has no mortgage on the property to "carry back" (provide) ALL of the financing themselves and let you come in with no down....highly unlikely to find someone willing to do that.
Realistically.....the maximum you are likely to find on a 2nd home is 90% financing (10% Down) on a "conventional" loan...meaning qualifying with full income documentation and a decent credit score. Mike Stone, Broker in Los Angeles, CA 818-481-8555