Do any Lenders offer 5% down no PMI products?

[Brandt Tingen]

I am looking to owner occupy a multifamily in the DC area, but Ideally I don't want to put 20% down (property will be in the 500-700 range so that's a lot of cash) and I don't want to have PMI messing up my profitability... I know I know I'm asking for my cake and to eat it too!

Reason I am throwing this out there is that I have heard through the grapevine of 5% down options with either lender paid or lender financed mortgage insurance. I know the i% rate may be a little higher and you may have to put some points towards it to get it down, but still probably a better option than FHA if I can find it.

Any Ideas?

[Raj Gandhi]

Seller takes the second mortgage so your primary mortgage stays at 80% LTV?