Hi Tina, My name is Jon Bruch and I work at HomeStreet Bank. I have done business with Stacey Lange helping her clients obtain finacning for home purchases. A 20% down payment is not necessary for a conventional loan. However, mortgage insurance will be required if you do not have 20% down. Mortgage insurance for conventional loans is faily flexible as you can pay it monthly, or at closing as a lump sum. In some cases you can actually negotiate the seller pay for the lump sum, eliminating your mortgage insurance.
If you have specific questions please let me know and I can help you with your options. I can be reached at 206-389-4425 or email@example.com