[ArmyCANUCKS]

Hello,

I have been working for the Canadian Army for the last 4 yrs. I have been giving 75% of my paycheck the whole time to my parents and younger brother to help support them financially. My family have been having financial issues for the last little while. They pay $1600 rent every month. And I want to buy a house with them together. So that the rent money can go on a mortgage payment instead. I really want to stop wasting our money away for rent. But housing around the neighborhood where they live is really really expensive. As for me I will keep living in a room on military base which is $160 rent.

The houses that are the cheapest are like $500, 000. I talked to the bank to see what kind of a loan I can get. They said they can give me x4 of my yearly salary. I will add my mom's name to the house also. So it would be something like this.

My salary $50,000 x 4 = $200, 000
My mom's $25,000 x 4 = $100,000
My dad is retired and has no income, not even retirement paycheck
My brother works 30 hrs and he spends all his money and dosen't help out the family.

So the preapproval is $300,000 which is $200, 000 short of what we need. The bank said if we can come up with 10% of the house for downpayment, we may have a better chance of getting loan. But how can I come up with $50, 000?

We have never owned a home in Canada and stop paying for rent, so any help will be greatly appreciated.

[stevetcg]

That's the crux of buying a house... you can only afford what you can afford. The mortgage on a 500k loan would be about $2300/month plus any additional withholdings (tax, home owners fees, etc)

So here is the answer: find a cheaper house. If you cannot afford to buy the one you want, you cannot afford it.