Can you acquire a home with as little as 5% down?

You can purchase a home with as little as 5% down payment provided you qualify:

Most lenders now offer insured mortgages for both new and resale homes with lower down payment requirements than conventional mortgages - as low as 5%. Low down payment mortgages must be insured to cover potential default of payment, and their carrying costs are therefore higher than a conventional mortgage because they include the insurance premium.

With all low down payment insured mortgages, you are responsible for:

• • Appraisal and legal fees
• • An application fee for the insurance
• • Paying the mortgage default insurance premium, although the amount of the premium may be added to the mortgage amount