Mortgage lenders generally advise borrowers to come to the table with at least a 20% down payment on real estate. This avoids the dreaded Private Mortgage Insurance (PMI), which most lenders tack onto loans with less than 20% down and pays the lender in the event of default. Some lenders have created loans structured to allow borrowers to purchase real estate with no money down while avoiding PMI, thus the infamous "No Money Down" loan.