Yes, mortgage rates are substantially higher now vs. owner-oc properties. Along with that, you cannot get mortgage insurance currently in any declining market on investment property thus meaning you will have to pur at least 20% down, if not more in California.
If you are interested, I have two Flagstar REOs (foreclosure properties) in Riverside county that qualify for 100% financing as owner-occupied or 90% financing for investment. Plus, the rate is only 4.99 or 5.99%, depending on which option you choose.
There is a home in Moreno Valley for $157,000 and one in Riverside for $399,900.
Call me or email me if you are interested.