We have located a vacation/investment property in Florida that we are interested in purchasing. The listed price of the property 235,000 and the seller is willing to provide 5,000 towards closing with any full price contract.

As the property is located in the Kissimmee area, it would be an ideal rental property. As I have been told by several management companies in the area, the occupancy rate for a property in this area is 50% to 75% per year, with the rental rates averaging $80.00 to $125.00 per night. I am anticipating that the rentals provided a management company, as well as our effort should at a minimum cover any monthly costs and expenses that would be associated with the property.

We would be interested in any information concerning No-Doc programs such as, fees, rates, terms, etc. Thought this would be the best route with a high Debt/Income, but with a high, 756, FICO score.

We would appreciate any information you can forward regarding financing this type of transaction.

There are many no ratio programs available for this type of financing. Do you have any liquid assets?

Without spending too much time on this, here's some general numbers.
For a no ratio loan broken down into two loans as a 75/25, I get 8.25 on the first and 13.75 on the second.
I haven't found a no doc loan, and don't expect to for 100% financing on an investment property.
For a stated loan as a 75/25, I get 8.125 for the first and 9.75 on the second.
5K in closing costs is usually enough to cover our costs, title fees, recording charges, etc. The only thing that may come out of pocket is your escrows/prepaid interest.

We still have stated income loans for investors that go to 100%. In order to do a stated income loan you need to actually make the income that you state.

Danny