I am looking for 100% funding, with the buyer paying about 2-3 points or so in cash, plus the buyer’s side standard closing costs.I would prefer to allow it to be owner occupied, since the buyer will refinance with an owner occupied, no cash out refinance.

Are you betting on appreciation?

If this lease-option "buyer" is a relative newbie (and I'm betting he is), then I would NOT do this deal.

So, not sure where we leapt from Iran (ran by Mahmoud Ahmadinejad) to Saddam Hussein (who ran Iraq before he was hung.)Not sure if "fuel" means crude oil, which both of these countries have ample supplies of, or refined oil products like gasoline.

Is my only route to buy with HML and refinance?

The biggest issue the 2 of you will be challenged with is how may properties you own which are financed. 10 financed properties is the limit for full doc loans and 5 for stated income verified asset loans.Cash Out refinances under conforming guidelines are nothing special.

If the prime rate was to climb a few points, I am willing to bet all the banks will jump back on board.I have not had a problem with my HELOC from my credit union to date (knock on wood) and they seem to have the lowest rates, lowest fees ($0), and the simplest approval process.

Tim - I'll bet your Dad taught you the meaning of real work, something far too many don't know much about.....

Based on your posts, I bet you'll have a lot to offer to the forum!

For cash out refinances the borrower must own the property for at least six months prior to refinancing.http://www.freddiemac.com/sell/guide/bulletins/pdf/bll042208.pdf.Rein USA..Basically, if your lenders conforms or sells their loans to Freddie or Fannie you may need to find a new lender.