5% down or wait for close to 20% down on first property

[Eric Petersen]

Hey all your smart people you.

Question on best ideas for my down payment on a mortgage. I am researching to get my first property. I qualify for 5% down and I almost have enough money to do that. Here is the dilemma. I understand if I wait until I have 20% down for a property I will avoid PMI, lower my mortgage payments, etc. I also understand if I get a property at 5% down I can lower my living expenses (no more rent since I'll move into the property and I will have renters in rooms to spread out the cost of the mortgage), get into a property that much faster, and get started on my dream of getting into buy and hold properties.

My question is, what in your experience would be the more beneficial idea: buy my property really soon at 5% or wait until I can pretty much pay the 20% down?

[Eric Petersen]

Originally posted by @Rob Caldwell:

I have never purchased a property with a required down payment.  I have always had access to funds at 100% of the purchase price including repairs.  Who is your lender?

Sorry, I wasn't explicit in my lending method. This will be my first property ever and I'm just going to go through a local, owner occupied bank mortgage provider that requires at least 5% cash down payment if you have the right credit. This would be for a rental property that I would live in for about a year where I'm renting out the rooms as well.