3% Down Payment Purchasing First Property

[Owen Schwaegerle]

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!

[Chris Mason]

@Owen Schwaegerle, holy smokes there is a lot of misinformation in this thread!

They (apparently) took away the consumer-facing commercial that I used to always link to, now there's just this LO-facing commercial, but we should chat if you want to talk about this.