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How can you acquire a home with as little as 5% down?
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
:the payment of the mortgage default insurance premium (although the amount of the premium may be added to the mortgage amount).
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