Besides a down payment of 20% or more there are 2 other ways you can avoid mortgage insurance.
1. With Conventional financing you can choose a Lender Paid Mortgage Insurance (LPMI) that essentially builds the cost into the rate or can be paid up front by you or the lender.
2. You can get 2 loans up to 95% Combined Loan to Value (CLTV). The first lien to 80%, a second to 15% and a down payment of 5%.
Good luck and Happy New Year!
OR sell your current property move into short term lease then purchase another home.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors