Hi Rhayward: definitely a good idea, if you have the cash. If not you have to apply for an FHA mortgage. You should discuss this with a mortgage banker.
80/20 - is a normal conventional mortgage. which means you need a 20% down payment and the
bank lends you 80% of the appraised value of the property. Keep in mind depending upon the property you are trying to purchase, it may or may not qualify for an FHA mortgage.
if you have any other questions please feel free to contact me.