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DON’T DO IT!!!!!
why would you wanna do that, it is really crazy.
105% loans are very hard to come buy and becoming even rarer as the lending market tightens.
instead, you should probably look for 100% financing and negotiate to have the seller pay closing costs (very common).
It may amount to the same thing (little to no money fo your own in the purchase, but the first is hard to come by, the second is quite common, especially among first time home buyers.
There are lenders that can do this and up to 115% LTV but you got to take into consideration one thing: How long are you actually gonna have to wait to have some equity in that property? Is it really worth doing something like this? In what State are you located and is there any improving potential in that property?
US Bank offers a program called HomeBuyer Helper that offers 105% loans only towards the purchase of the house. The extra is for closing costs not debt consolidation or repairs. Go to http://www.usbank.com for a lender near you. It also offers a good rate and closing costs. Credit score down to 620 last time I checked.
most mortgage broker companies you talk to will offer it.
Here is an article http://wiz.sc/loans198 with some information on loan options and the best plans.