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.

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  • 2 years ago

    that is unlikely to be acceptable.

  • Judy
    Lv 7
    2 years ago

    You'd need a whole lot more income

  • 2 years ago

    No.

  • 2 years ago

    No. You need at least 15%

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  • 2 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 M
    Lv 7
    2 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

  • 2 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.

  • Maxi
    Lv 7
    2 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

  • 2 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.

  • Eva
    Lv 7
    2 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.

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