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On conventional, the lowest down payment option is with 5% down. But there are 2 ways to avoid Mortgage insurance.1 is with an 80/15/5 loan, which is an 80% 1st lien, a 15% 2nd lien and a 5% down payment. This option allows you to waive escrows too if you would like.Your 2nd option is called Lender Paid MI, which is actually a better deal than the above option. You have to take a slightly higher rate on your mortgage, but its all in 1 lien and you don't have to pay any mortgage insurance. The payment works out to be better than the 80/15 option too.Hope that helps.
You are going to need at least 5% down so that you can do a 5/15/80.
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