A lender just sent me this information on a loan scenario. He was pricing a loan yesterday and was able to get 100% financing with one loan instead of two. With 3 % in closing costs the rate was 6.875 and at 4% in closing costs he was able to get a rate of 6.5 % with no mortgage insurance and no prepayment penalty. The borrower had to have a 680 credit score.
This was much better than any 80/20 he could find.