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Updated almost 7 years ago on . Most recent reply
Is putting 3% down a bad thing for rental properties?
I am looking to buy my first rental property and just started looking at mortgage rates from banks and credit unions. I saw Bank of America offering mortgages with only 3% down and without PMI. Is it a good thing to put only 3% down? Which means I can buy 2 properties with my budget. Has anyone used the Bank of America mortgage with 3% down? Is there any caveats in that? Please enlighten me( I do not qualify for FHA)
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Wayne Brooks
#1 Foreclosures Contributor
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
Yep, that’s for owner occupants and I’m pretty sure you’re mistaken about no pmi.