With only 5% down, I can get you a loan with no mortgage insurance if you are going to live in the home. For example, a 30-year mortgage with monthly mortgage insurance is 3.875% to 3.99%. The no MI option is 4.125% to 4.25. Estimates vary depending on credit score. These options don't restrict renting the property after you have lived in it for awhile. If you want an investment property, I have a lender that will count the new lease as qualifying income, but that requires 20% down. Your best option if you are buying an investment property with 10% down is homepath. Go to homepath.com to see the inventory. These don't require mortgage insurance OR an appraisal.