How about the new Fannie Mae 3% down loan?

The official Fannie Mae guidelines don't specify how long you need to stay, but if you were planning to stay for a year, you should be fine.

Investors are slowing in Illinois I have noticed lately and I have also seen a tremendous amount of capital repair declines from Freddie Mac and Fannie Mae in the area.

Note that some banks may do both Fannie Mae and portfolio lending.When you're calling around, be really up front that you have more than 4 investment properties and you're looking to do cash out refinances on investment property and you can't qualify under the standard Fannie Mae guidelines.

The property next to mine was auctioned on the courthouse steps and went without a bid back to Fannie Mae for $60k. 

@Russ Swan I have bought several properties with only $500 in Earnest Money with Fannie Mae.  

What many are failing to mention, is that even though you are perfectly within your rights to sell....your loan officer very well might get a huge fine from Fannie Mae for a loan paid off before the 6 month mark.

I should mention - Fannie Mae also has a dedicated Student Housing program that starts at $2mm and up in loan size, as opposed to the $5mm and up for Freddie.https://www.fanniemae.com/content/fact_sheet/studenthousing.pdf

Fannie Mae / Freddie mac, then you can pull up to 75% cash out on the refinance.

However, I did end up going with a 10/1 Arm (through portfolio lending) which allowed me to put down only 20% instead of the 25% required by Fannie Mae and Freddie Mac standards.