You don't need to put a minimum of 20% down on a new home. That's the upside. The downside is that you'll need to pay #mortgage_insurance if your down payment is less than 20%. Read this post to learn the factors that determine if and when you can get rid of your mortgage insurance. What Determines Mortgage Insurance Removal? The Type Of Mortgage Insurance There are two types of mortgage insurance: privat e mortgage insurance (PMI) and mortgage insurance premiums (MIP). Conve