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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: 7883
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: 2276
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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#462115 - 08/06/18 11:55 PM Re: Mortgage for a down payment less than 20% [Re: William12]
Ananthi Mathur Offline
Junior Member

Registered: 07/23/18
Posts: 9
Loc: United State
If you only have enough available for a minimum down payment, your choices of loan program will be limited to only a few types of mortgages. If someone is giving you a gift for all or part of the down payment, your options are also limited. If you have enough for the down payment but need the lender or seller to cover all or part of your closing costs, this further limits your options. If you borrow all or a portion of the down payment from your 401K or retirement plan, different loan programs have different rules on how you qualify.
Of course, if you have enough for a large down payment, then you have lots of choices.

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