 At Earhart, Elsner & Cooley, we want to add value to your case to ensure a maximal fair recovery. Prime Lending here with Mortgage 101. Private Mortgage Insurance, or PMI, is insurance that reduces risk to lenders on home purchase loans with less than 20% down payment. There are options available to purchase PMI and reduce the minimum down payment required to as little as 3%. For all your options, contact your Kenai Peninsula Prime Lending team at 907-205-3402.