Can I buy a $500000 house with a down payment 5 percent?
I wanna buy a house in Canada before the housing go up I save about 5 percent for down payment my parents both make $30000 a year so I made $10000 a year. So add up our family make $70000 is it possible to buy a house with 5 percent? I save $30000 in my tfsa.
- mbajohn90Lv 43 years ago
that is unlikely to be acceptable.
- JudyLv 73 years ago
You'd need a whole lot more income
- babyboomer1001Lv 73 years ago
- David 14Lv 73 years ago
No. You need at least 15%
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- curtisports2Lv 73 years ago
To buy a $500,000 house with a combined income - with all of you signing on the mortgage - you need a down payment of about $290,000. That's almost 60% down. You could get a 5% down mortgage ($25,000) but you don't come even CLOSE to earning enough money between the three of you. Your top price is around $230,000 if you put down 10%.
- Ryan MLv 73 years ago
You don't make enough money to get approved. You both need adult jobs if you want a $500k house and a chump change down payment
- SlickterpLv 73 years ago
With 5% sure, but your income doesn't even come close to supporting a mortgage of $475,000 Maybe half that if lucky.
- MaxiLv 73 years ago
Unlikely, normally the minimum deposit is 10% and your joint family income isn't considered, your parents making 60k could only lend 180k, which would come nowhere near to what 'they' need to purchase a property at that cost
- sunshine_melLv 73 years ago
If your household annual income is $70,000, you can borrow (assuming credit etc is good) around 3 times this - which is $210,000
$210,000 + $30,000 gives you a housing budget of $240,000
So no; you can't buy a $500,000 house, as that's over twice your current budget.
- EvaLv 73 years ago
You can't afford the mortgage payments on a house that expensive even with all of you together. You certainly can't buy it alone.