Buy your home with only 5% down payment
Buyers purchase their first home with only 5% down. The 5% down program was initially set-up for qualified First Time Home Buyers but has recently been made available to everyone, providing they qualify. As all mortgages that are above 75% of the purchase price must be insured with default insurance (CMHC or GE Capital insurance premiums), the insurance premium charged is 3.25% when the down payment is less than 10% of the purchase price and this amount can be added to the mortgage.
This program has probably been the most successful program that has made home ownership easier and attained earlier than most people could have otherwise. Contact a homefund.com mortgage specialist for any questions you may have.