Co-ownership of new house

[macho2028]

Hi all,

I am new immigrant who came to Canada last year. I had 1 year income tax and currently have a part-time job. I decide to be co-owner with my dad for the new house next year. However, I'm not sure with a status like me, the bank will let me be co-owner under new mortgage of the house ?

Note: My dad currently owns a 300k townhouse, we have payed 50% of the principle and will sale the house before getting the new one. With at least 150 000 CAD down payment and the new single house would be est. 400 000CAD. So, we have over 35% down payment. Will it help to us to get the new mortgage (with co-ownership) for our new house ?

P.S.: My dad has over 1 year left before his retirement, that's why we are trying to get a single house ASAP - otherwise, it will take me long time to gather enough income + down-payment + good credits to buy a single house.

Thank you very much.

 

[cayat_3]

yes you can own the property. if you need any help in securing mortgage and real estate.where you are looking.

 

[macho2028]

Buying house in Orleans, Ontario.

Update: We talked to the bank mortgage advisor and he wants us to co-sign so the chance will be higher. With all family members we have, total income would be boosted to 80 000/year so borrowing 250 000 for the house would be OK - I think. Still, problem is only my dad has 3 years income tax - the rest of us are new comers with 1 year income taxes only.

 

[future2010]

Hi Macho2028,

I arrived in Canada last year and I bought my first home in three months without me having a job. There are programs avaliable for new immigrants and if you are putting 35% down payment you will qualify with no problem.

I am a mortgage agent in Windsor Ontario and can help you get your mortgage anywhere in Ontario.

Send me an email if interested.

Enrique