Can I put 5% down?

Can I put 5% down?

“Can I put 5% down? Do I need to be a first-time buyer? What are the rules? What are the restrictions?”
Alex McFadyen of Thrive Mortgage Co. gives us all the answers.

In order to put 5% down, it must be your first home, a home for you, or a second home for a family member; however, you don’t actually have to be a first-time home buyer in order to put 5% down. That is IMPORTANT! The property purchase price must be under $500,000 in order to receive the 5% down and it is not meant to be for rental properties.

 

109 340 W 3RD STREET North Vancouver, BC. : 5% Down PMT: $23,440

 

 

 

 

 

More Details: CLICK HERE

Neighbourhood: Lower Lonsdale
1 bed, 1 bath condo
Price: $468,800
Sq. ft.: 648

*Listing provided by Remax

What if the property is more than $500,000?

For any purchase prices that range from $500,000 – $1,000,000, you could qualify for the 5% down for up to the $500,000 ($25,000) and then any remaining purchase price would be 10% down. For example, if you are buying a property at $759,900 like the one shown below, you would put $50,900 down – 5% of the first $500,000 which is $25,000 and then 10% of the remaining $259,000 which is $25,900 for a total of $50,900.

318 119 W 22ND ST. NORTH VANCOUVER, BC. : Down PMT: $50,990

More Details: CLICK HERE

Neighbourhood: Central Lonsdale
2 bed, 2 bath condo
Price: $759,900
Sq. ft.: 897
*Listing provided by Oakwyn Realty Ltd.

If you are self-employed or have bad credit, you may be required to provide a larger down payment.

 

View all North Vancouver listings that are under $500,000 **click here

What neighbourhoods  in North Vancouver you should be focusing on with a $500,000  budget? contact Live The Shore Realtors Carmel Frandsen and Marco Pontillo.

Not pre approved yet ? contact Alex at Thrive Mortgages : Click here

Have more questions ? Contact Live The Shore: click here

Join The Discussion

Compare listings

Compare