[JohnT]

less than 20%? I am interested in buying a condo.I have an excellent credit score and good income, and was pre-approved for $350k. The condo I want to buy is for only $200k, and the lender actually wants me to pay PMI. To me, that is completely unacceptable and I absolutely refuse to pay PMI. That is money that I will never see again, and provides no benefit to me at all. I don't have an 830 credit score because I default on my obligations. What other ways can I avoid PMI. Could I take out a second mortgage for the additional 20%? What other options to I have?