Financing with PMI with a small property

[Chase Terry]

I am making my first purchase in a small SFH. My lender just came back saying they won't lend under 50k but if I finance 50 I will accrue PMI. Would it be smart to still pull the loan and put down 15% then pay the next 5% the next month to have PMI stop? Or search for a new financing that will lend lower.