want to buy a home.... down payment?

i want to buy a home.... but im having a hard time coming up with a down payment. i can after to keep up with the monthly payments. coming up 5 to 10% down payment. is hard to do. prices in this town are dropping right now. its a good time to buy. and i would love to buy a home. and fix it up myself. but i need help with the down payment..

i really have not the best credit. not bad ether. just not much.

i live in lethbridge, alberta.

i have lived in my apartment for over 4 years. been at my job for 2 months now. before that i was at my last job for 5 years.

i hope i can find help for a down payment.

thank you for your time.

Update:

i'm wondering if there is any programs in canada that can help with the down payment..

6 Answers

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  • 1 decade ago
    Best Answer

    Currently the least of amount required for a down payment with a questionable credit history would be an "FHA" loan. The federal government has just extended the 3% down payment for the time being and you can have the seller contribute upto 6% for the closing costs/prepaids.

    If you can't come up with the down payment on your own then you are allowed to use a blood relative gift or even qualify for your county bond program. These can be combined with the FHA program. 3% down is alot more attainable than 5% or even 10% down. With the foreclosures on the market you may even get the selling bank to pay for your home inspection and appraisal costs. Good luck.

  • 4 years ago

    With poor credit, you will not be able to qualify for a 3% - 5% down payment loan. In fact, you would be lucky to qualify for a loan that required as little as 20% down, plus you would have to show that you have a substantial amount of cash on hand (like $5 - $10,000). And, you would get a pretty high interest rate. Not only that, when you buy a foreclosure, the seller (the bank) does not have to disclose any problems with the property, even if they know that the place is about to fall down, the plumbing and electrical are shot, and the roof leaks. Those issue then become your problem and you pay to have them fixed. And, banks do not agree to fix problems that an inspection may find or give you a break on the price because of it. The price is what it is. That's why foreclosures are so cheap to begin with.

  • 1 decade ago

    There's a variety of problems with your situation. First, you started a new job (lenders want stability and a new job doesn't shout stable). Second, you don't have the best credit (lenders are looking for really good credit right now, seeing as there is a credit crunch right now). Third, you don't have a down payment(not too many lenders out there willing to lend 100% right now). You either A. Borrow the down payment money from someone who trust you that much. B. Save and wait to buy. C. Go to someone shady that will lend you 100% (don't recommend this cause this answer might bite you in the hinnie in the future)

  • 1 decade ago

    Since you live in Canada there may be govt assistance programs availiable to help you purchase a new home.(they were just ended in the USA)

    You could talk to a realtor in your area to get an idea of what progrmas are out there for you.

    Changing jobs may not be a problem to a lender. Did you go to a higher paying job? Are you still in the same field? If so it should not be an issue.

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  • Barb G
    Lv 5
    1 decade ago

    In Canada, if you don't have enough money for a down payment, you don't buy a home. The premise is that if you can't save for a down payment, you can't save for the repairs and upkeep that home ownership comes with.

    Why would the taxpayers of this country give you money to buy a home?

  • 1 decade ago

    I am not sure what you are asking us. Most people sell their assets to come up with the down. Others simply save. A few beg from family.

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