i am just getting my credit going i have worked for over two years i am ready to buy a house but i am just now building my credit up. i have a car payment the last 5 months and credit cards for about 6 months would it be able to buy a house with low down ymentpa

Usually low downpayments are available depending on one's credit score. Since you have just started six months ago your score may not be as high. I have no way of knowing what your score is and who knows there may be other factors some of them may be in your favour. One way to find out is to have a trusted mortgage lender preferably from a bank to do a search for you and tell you how much is available to you. You may be surprised! If you need one I may be able to help and guide. Good Luck!

Usually low downpayments are available depending on one's credit score. Since you have just started six months ago your score may not be as high. I have no way of knowing what your score is and who knows there may be other factors some of them may be in your favour. One way to find out is to have a trusted mortgage lender preferably from a bank to do a search for you and tell you how much is available to you. You may be surprised! If you need one I may be able to help and guide. Good Luck!
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Hello, There are a few variables that would determine whether you would receive a mortgage approval. Job stability is one. We would also need to look at the debt payments you have. Car payments for 40% or 30% or 10% of your available income combined with the limit and unused credit available on your visa's. Its called the debt service ratio. I can explain it in more detail before someone pulls your credit score. Each credit score inquiry lessens your score and the banks cannot provide you with a hard copy of your credit file. Contact any of my team members for an immediate response. We are all about showing our clients how to make educated decisions so when you do decide...its with confidence.

It sounds like you have the basics. The best thing to do now is to get into details with your financial institution or a mortgage broker. They will need some personal and financial information from you an pretty much can get you immediately an idea what kind of mortgage amount you could qualify for. You also need to take into consideration that you need a minimum of 5% downpayment, fees for the home insection and lawyer. Once you have done this a realtor can assist you in explaining he home buying process and assist you in your search.

Hey Melissa
First of all congratulations on taking control of this very important aspect of your life. Your credit rating is an important part of who you are, but doesn't define who you are. You're definitely heading in the right direction. Continue to make payments on your car and credit card and always make sure they're made on time. Even a day or two late is considered bad. So keep doing what you're doing.
When buying a home, getting pre-approved for a mortgage is important. One of the things they obviously look at is your credit rating. My advice to you would be to have a mortgage broker have a chat with you about all of this and perhaps start the pre-approval process. As part of their work, they'll pull your credit record and you'll be able to see where you stand.
If you get approved...fantastic. If you don't, then at least you'll have a better understanding on what specifically you can improve as part of your credit rating. Your mortgage broker should be able to help you with this kind of advice.
Good luck Melissa

Sounds like you are headed in the right direction. WTG

That said there are a couple things the lenders will look for in your credit, to consider it worthy of a mortgage. Typically they want to see 2 trades running for 2 years. The trades are your loans, credit cards or lines of credit. As you say that you have just started 6 months ago I would suggest possibly to find another person to co-sign now to allow you to look today. You will likely have a very high score right now but the lenders will not consider it solid until you have more time under your belt.
With good credit a down payment can be a none issue. 5% down payment is a solid start though. Keep in mind that the lender will also want to see you have the closing costs of approximately 1.5% as well.

Any time I sit with a client I like to go over the credit score and make sure they are aware of how you can keep and maintain a solid credit score.
1) Make all payments on time.
2) Never let you balance get above your credit limit!!!!
3) Keep any balance below 50% of your limits. (No matter if it is paid of each month)
4) Try to minimize your credit searches.
5) None trade line items not paid, will go to collections and will hurt your score and put a stop sign on your ability to qualify. (ex..Phone bills, Parking ticket, Gym memberships, Doctor bills)

Like most are suggesting here your best bet is to find a Mortgage Broker and have them check out your situation and get a plan in place today. You never know, there may be other things on your credit bureau that you did not know about that will need to be taken care of first. Most brokers work with no charge for you so it just adds up to your time.

Hiya Melissa:

Well it sounds like you are indeed heading towards be able to buy a home. My suggestion is to call and speak to a Mortgage specialist. Here's Aidan Harris's cell number and email please call him and he will tell you in a few minutes weather you are ready and if not how long till. Aidan's Cell 905.580.1243 aidan.harris@scotiabank.com
Good Luck
David

Greetings
There are many misconceptions about credit. If you are new to credit, there are programs in place to get you a mortgage right now with a 5% downpayment. A mortgage broker can often assist you in many cases where a bank cannot. "Wait 6 months" seems to be the stock answer for persons with new credit, limited credit or troubled credit. I would explore with you alternative proof of bill repayment. Do you pay rent, cell phones or cable? Regular bill payments can often be used to prove debt repayment capacity. Do you have a down payment and can you show an ability to save money? Again, this can be used in conjunction with alternative proof of bill repayment to find you a mortgage...even without a credit card.
There are many factors which go into home buying and financing. Always get professionals involved to get the very best advice.

Best Regards

Steve

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As long as you have some credit built up with no late payments and ways to show other bills have been paid ontime, a mortgage Professional should be able to assit you with finding a way to finance your new home with a smaller downpayment.

Hi Melissa, it is a good idea to establish your credit history. Making your payments on time is one factor in qualifying for mortgage financing. Another is debt servicing. Lenders will consider the amount of your gross income that is required to service your current credit as well as the mortgage that you would like to obtain.
A pre-approval is a great place to start. Feel free to contact me and I would be glad to explain in more detail and walk you thru the pre-approval process. 905 493 4487