We are first time home buyers. Our interest is to stay in the Peel region,Ontario and we would need a family home with 3 bedrooms, 2.5 washrooms with a small yard. I’m looking at atleast a minimum price of 800-900k.
I am looking for some education around mortgage and downpayment. It was my understanding that given our finances and current downpayment we have, at this point in time,we aren’t able to purchase a home and should continue to save for the 20% downpayment.
What we have right now:
1. 35k cash for downpayment
2. 5k in FHSA
3. Able to afford $4200 plus utilities/monthly towards mortgage (currently paying $3600 in rent!)
4. Yes-I understand there will be property taxes and I think we can manage that.
Not sure if relevant:
Our after taxes monthly family income is approx $11500.
Given all of the above, and the house price I shared, can we qualify for a mortgage at all in our budget? What is a first time home buyers plan (I’m not asking about the FHSA). It was always my understanding we needed 20% so my goal was to save towards that but as you can tell- it is a long road towards that. Add to it, multiple kids, some family and health needs, it takes time to save that much. Home ownership is a distant dream.
I am looking for some education around mortgage and downpayment. It was my understanding that given our finances and current downpayment we have, at this point in time,we aren’t able to purchase a home and should continue to save for the 20% downpayment.
What we have right now:
1. 35k cash for downpayment
2. 5k in FHSA
3. Able to afford $4200 plus utilities/monthly towards mortgage (currently paying $3600 in rent!)
4. Yes-I understand there will be property taxes and I think we can manage that.
Not sure if relevant:
Our after taxes monthly family income is approx $11500.
Given all of the above, and the house price I shared, can we qualify for a mortgage at all in our budget? What is a first time home buyers plan (I’m not asking about the FHSA). It was always my understanding we needed 20% so my goal was to save towards that but as you can tell- it is a long road towards that. Add to it, multiple kids, some family and health needs, it takes time to save that much. Home ownership is a distant dream.