After 8 months of tight financing parameters, the noose has loosened. We had plenty of investors that had the downpayment requirements satisfied, but they just couldn't buy because they owned more than four properties. The guidelines are as followed (please bear in mind that I'm a real estate broker, not a lender. Consult with your trusted loan officer about your specific situation).

As of today, you can own more than four properties and still get financing. Your credit cannot show a bankruptcy or foreclosure in the last 7 years. Also, you cannot have any mortgage lates in the last 12 months.

Reserve Requirements:  PITIA- Principle, Interest, Taxes, Insurance, Association (HOA fees plus SID/LID)

If you own 1-4 properties- 6 months PITIA reserves for the property you're getting the financing on, plus 2 months PITIA reserves for each other property.

If you own 5-10 properties- 6 months PITIA reserves for the subject property, plus 6 months PITIA reserves for each other property.

It's still a minimum of 20% down (of course), and the Rent Loss Insurance is no longer required.

So financing has become available again! With all the reserve requirements, you do have to have substantial capital to support your properties, but that's good to have anyways. Rates are LOW, investor points may cost a little bit, but prices in most markets have dropped as much as 50% (some parts of CA as much as 70%).

Also, here in Las Vegas, there's a CULINARY workers program (primary residence) that just became available. 100% financing (using a no interest, no payment 2nd mortgage), details are just coming out now.