Less than 20% down? PMI up payment up front?

[Trevor Fritz]

Hi everyone,

I am currently working with a new lender who seems to have some awesome ideas and creative solutions. I am under contract for a condo for $215,000 and am looking to live in it for 3-5 years and then renting it out. He is giving me options but is recommending that I put down only 5% and paying the PMI up front. This would save me about $30k that I would now have freed up for investing in other projects or holding onto when I would like to purchase my next property. Does anyone have experience with this and whether this would be ideal for me? My monthly payments will be higher but my monthly payments will be well below what I can currently afford even with a larger loan.

Thanks in advance!