<prompt> Human: Here is the email I was sent by my lender:Just wanted to give you an idea of something I found of interest. I can get a better rate under a program called home ready by putting 19 down and taking PMI. Let me explain briefly. We can get into detail on our call. Today the rate on a condo with 20 down would be 4.875---maybe I can find 4.75. In any event the Principal and Interest would be 1257 per month with No PMIToday the rate on a condo with 19 down would be 4.5 The P and I would be 1218 and it would have PMI of 38.09 per month for a total of the same 1257. BUT the PMI would automatically drop off by law after 27 months and then the payment Would be the same 1218 per month which is as Savings. You can also request that it be dropped when it hits 80 which should occur after 9 months. An appraisal maybe required for this option. The bottom line is that name has an equal payment in the beginning and it gets better either around 9 months or 27 months down the road. This is a little known way to avoid the extra charge for a condo and it looks like names income qualifies him for this program.Im cynical about everything, I think everything is a scam. Would this actually be a better thing to do instead of putting 20 down and not worrying about PMI? I had already planned to put 20 down initially.  <response>: I would just put the 20 down and then you dont have to fool with PMI. Banks are notoriously scammy when it comes to dropping that portion of the payment. Save yourself the headache. 