In my area, all the listings look stellar, but it doesn't matter because they are listed on a ranking system just like Google search results.

Don't get me wrong, each market brings pros and cons, however I would rather invest in a sub par market with a stellar operator on the ground than a prime market with a sub par operator.

There are a few out there, it just won't have the stellar terms that conventional financing offers.

They may, they may.... all to avoid even receiving an application that may not be stellar.  

I've used Wells Fargo's 3% down program for many of my home buyers since it debuted this summer.

@Mike Wood  10% is very simple in the performing note game... and other investment vehicles with probably a lot less risk as well.My main point to take devils advocate here is for others who read this and wonder how do I attract capital when I have none but I want to get in on the equity side.. and that is to always give the money the lions share until you have a stellar rep..I mean I still do this to this day... and that is why I am NEVER without more capital coming at me than I can deploy..

There is an association of hard money lenders who have advocated using the term of private lender, basically on two aspects, one is advertising and the other was to distance themselves from the image of past hard money lenders of the past who didn't have a stellar reputation in the banking community as purely asset based lenders. 

or waiving if she brings you a tenant with stellar rental history? 

While the 100% financing sounds good, I think the bank the bank is trying to get a new borrower at the same underwater mtg balances, hence the reason for the "100% financing, no appraisals required".I think paying $4-$5k for your own appraisals would be a stellar idea.

It may not be a stellar rate, but there is always a way to turn it into more money.