Prime mortgages hover around ~3-4.5% currently. Non-QM is ~5.5-8 percent, looking at a non-QM lender's rate sheet right now (dependent on loan to value, assets, and income). So about what you'd pay for a HELOC or higher rate home equity loan. Even with garbage credit you're not paying 9% on a property that you've got some equity in, but you're not getting a mortgage with only 3% down (nor should you; go rent for a year or two with a landlord who will report positive payment activity to CRAs and then go get your federally backed FHA loan with only 3% down).