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#457423 - 04/20/17 05:32 PM Mortgage for a down payment less than 20%
William12 Offline
Junior Member

Registered: 04/20/17
Posts: 1
Loc: Canada
Hi all,

I am in a trouble now. Three years back, I got married and my husband was a nice person. We were leading a happy life and I thought he was truthful to me. But, recently, I came to know about his extramarital affair. Now, we are moving for divorce and I am staying with my friend. And I wish to start a business with her.

Our plan is to start a boutique. But, I am not employed right now. So, I donít have a stable monthly income and our savings are also too low. Obviously, we are in need of a mortgage service to buy a suitable building. Our friends helped us to find the mortgage broker in Toronto.

We have seen many buildings for the boutique. In my search, I found that the average down payment for mortgages is 20%. I donít know whether it is correct. But, with the current price of the buildings, we are not able for a down payment of 20%. Is there any option to get a mortgage for us? Please help me to find a solution. Thank you.


Edited by Admin (04/28/17 01:15 AM)
Edit Reason: url removed

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#457424 - 04/21/17 12:00 AM Re: Mortgage for a down payment less than 20% [Re: William12]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7660
Loc: Vermont's North-East Kingdom
Rent; otherwise your "estranged" Husband may acquire Spousal Ownership Rights to whatever you might buy until your Divorce Decree is finalized.

Besides that concern, without any demonstrated Income, buying anything is a long-shot anyway . . . . regardless of the Down Payment requirements.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#457549 - 04/27/17 03:26 PM Re: Mortgage for a down payment less than 20% [Re: William12]
Dripping Springs Offline
Member

Registered: 04/27/17
Posts: 30
Loc: TX
Without an income I don't know how you could qualify to buy anything these days. It's not 2005 anymore.
_________________________
Ross Quade Realtor Extraordinaire
Visit my website to learn more about the Texas Hill Country just West of Weird!

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#457550 - 04/28/17 12:07 AM Re: Mortgage for a down payment less than 20% [Re: William12]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2225
Loc: Outer Banks
This is just a spammer dropping a link for a mortgage broker
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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