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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

#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: 7857
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"

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

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!

#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: 2271
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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