Putting 5% down on a house, second time???

Question

My husband owns a house, but my name is not on it. We want to sell it and move into a new house that we will buy together. He was able to purchase the first house by putting only 5% down (CMHC in Canada) Now that he and I are buying together for the first time, can we put down only 5%?

Answer 1

In the US it depends on the loan.  I would think Canada would be similar.  I would suggest you call a few lenders and ask if they have any loans with low down payments.  Find out the terms and then decide which lender you plan to use.  Then ask to get pre-approved which will make the home buying process easier.

Answer 2

Yes, it is possible.  I just bought a house for 200,000 and was supposed to put 6% down.  I ended up putting 3% down and got the seller to put the other 3% down.  There are better incentives for first time buyers where I live so with your name on the title it should help keep the down payment to a lower percentage.

Answer 3

DEPENDS.  Talk to lenders, brokers and find out.  In US, with FHA loan, yes, you could.  The larger down payment and the better your credit rating, the lower interest rate you can qualify for.