Since it is a no cash down deal, I don't require the same return as I would on a 20% down deal (w/ ELOC IO pmt).Some will argue against ELOCs and interest only for rate/long-term reasons and it really depends on your market/risk assessment.

However, this was a "no cash-out refi" (as was stated in the OP) and the lender said it was a new guideline.

One method that I think would be a "no brainer" is contacting mortgage brokers and ask them to send me "almost qualified" clients for my Rent to Own programs. 

(this is important if you do need a short term loan to purchase then refinance out - and the answer should be 1 day...very important that it is 1 day on title is all that is needed to refinance) @Tarik Turner there are absolutely lenders out there who can follow this type of a "no seasoning" requirement.  

the wholesale crowd wants to make broker fee's called assessment fees  and or double close.. so its a no money make fee's business. as opposed to a broker or company that actually closes and resells.. 

For that reason, taking higher limits such as $1 Million per Occurrence/ $2 Million Aggregate is kind of a no-brainer.

@Jonathan Cox you could refi but you have basically zero equity because its a no money down loan so you would have to come up with the downpayment.

Maybe you’ve heard of the marketing tip where a salesperson should never ask a yes or no question.For instance, “Would you like to by it” is a Yes or No question and often ends with a No.

That route would put me out of the game altogether.With this background now set,i mean to ask:if you were in my position,how would you proceed to structure a no-money down in this instance?

Being ready to start was a no brainer.