Looking for a mortgage that doesn’t require a 20 percent down payment? Here are some options.

Have you built up a fair bit of equity in your home? You may qualify to cancel private mortgage insurance and save hundreds, or even thousands, of dollars a year.

With PMI, you can get into the house you want without making a 20 percent down payment.

Here's how to weigh your options if you plan to buy a home with a down payment of less than 20 percent.

Federal government allows tax break for private mortgage insurance.

Depending on your situation, there may be alternatives to expensive PMI.

Q: I've saved $20,000 to put toward the purchase of a home. The home I'm interested in buying, however, costs $200,000 and I've been told that unless I can come up with a larger down payment, I'll need to take out private mortgage insurance. What is this and how does it work?

Sans a 20-percent down payment, you'll need to pay for either a second loan or lender's mortgage insurance.

PMI lets you buy a house with less than 20 percent down -- in exchange for higher payments.

Federal law may save you hundreds of dollars each year