@Ray Johnson  Like many, you are confusing this Fixed Rate, early pay off, NO PMI better tax write off savings, lower fixed EPR (effective payment rate), Ferrari of loans with the No Doc / Interest Only loans  (which WERE AWESOME financing tools in the right hands).An 80/15/5 is a Fannie Mae Fixed Rate 1st mtg, with a Fixed Rate simo 2nd mtg.If a borrower only has 5% down, good credit, the 80/15/5 is a No Brainer! 

Besides the HOA, you also have to make sure that the condo community isn't too heavily concentrated with investor-owners (40%, I think), or you won't be able to obtain Fannie Mae financing.

Ways i know:List source (look up pending foreclosures or people behind on their mortgages)Obituaries (ive heard of this one although wouldnt feel too comfortable with this call)Calling people who are renting their houses out (not everyone wants to stay a landlord somaybe they’ll sell)Speaking to local accountants and lawyers to see if they know of any divorces or people needing to sellFannie mae Homepath appAnyone have any other suggestions?

@Chris May Most of lenders goes up to 50% dti under Fannie Mae or Freddie Mac loan.

Yes, for FHA loans and (I think) all fannie-mae type loans, they want to see under 43% debt-to-income.

Fannie Mae and Freddie Mac have seasoning requirements that you must own the property for 6 months or greater before you can use the appraised value for a cash out refinance.  

These are Fannie Mae guidelines most lenders go by.  

I know that conventional Fannie Mae mortgage requires 70% of units to be sold until they will consider giving me a loan.

TY Jon,I'm sorry, I do not know what AFAIK means.I'm assuming when the lender says "guidelines" they are referring to Fannie Mae?

This might have changed, but it's been about a year since I shopped mortgages.You might consider looking at what you can get from Fannie Mae as far as properties with 10% down investor loans and properties.