The First Home Loan Insurance program allows all buyers to purchase their principle residence in any urban area with a down payment of just 5% of the purchase price. That means, for example, you could buy a $100,000 home with a down payment of only $5,000.

A low down payment mortgage differs from a conventional mortgage in that it must be insured to cover potential default of payment. It is insured by either Canada Mortgage and Housing Corporation (CMHC) or GE Capital Mortgage Insurance Company Canada (GE).

* Eligibility is subject to home price range limits established by CMHC and GE.