3% Down Payment Purchasing First Property
Hi Everyone,
I am a young, aspiring investor and want to purchase my first property within the next year or two. There are a couple of big banks out there that are doing conventional fixed-rate mortgage for as little as 3% down. These lending options allow for people with credit scores as low as 620 to qualify.
Some of these mortgages seem like great opportunities, but is there a catch?
Why would the bank give out such a huge loan to borrowers that have weaker histories of repayment?
Is this a good opportunity to get the cash to buy a property?
This is my first post on BP, and I am interested in learning all I can from the community here. Thanks so much for your advice!
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Real Estate Agent
- Keller Williams Realty