New home loan down payment source

[Mark K.]

We are looking at buying a new house and renting ours out. We have equity lines in form of refinanced mortgages on our rentals from which we could draw for the 20% down payment or could use funds from our line of credit on our current house. The other option is to pay the PMI which would give us an overall lower payment vs paying on 2 loans. We would like to conserve the lines for future rental purchases but do not wish to pay PMI if possible-also heard that the interest on the line on our house would no longer be tax deductible where the interest on the refinanced rental equity would? I understand the 80/20 loans are no longer done?