What is PMI?
PMI stands for private mortgage insurance. These policies are put in place to protect and reimburse a lender should a borrower default on their loan. Generally, lenders require PMI if a buyer is putting down less than 20% down but PMI can be eliminated from the monthly payment as your loan is paid down (upon reaching 80% of the original appraised value or current market value, whichever is less).
So, while the good news is that there are options available if you do not have a 20% down payment... the flip side is that you may end up paying a bit more monthly. There are also a variety of no PMI options available depending on your situation so connecting with a professional on your specific needs is going to give you the clearest picture of your best option.