Down Payents?????

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During these times of tighter lending standards, is it practical to believe that a lending institution will allow a novice investor to purchase a rental property with NO money down if the property comes in well below the appraisal value. This is what I have been told, but I am preparing to have to put down at least 20% to avoid PMI. This may be a repeat topic, but one that need more insite from the board. Especially the novice investors. What have been your experiences lately??

THANKS, Chaz.....