The minimum for a home purchase right now with FHA is 3%. The only way to do no money down is a VA loan. Banks & Mortgage companies are getting stricter about down payments and gone are the days of 100% financing.
I don't think that it every makes sense to pay more interest or PMI if you don't have to. Find other ways to increase your deductions to add up to the minimum for deductions - charity, work deductions, education, etc.
|