re: Borrowing money from 401k...how does this work usually?

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I have enough to barely hit 3.5 (which is the remnants of other expenses depleting savings), want to get to above 5…so the loan amount would not be huge, just a quick 5k or so. To pay back 5k, I’m sure a year with my other expenses/new mortgage. I could go faster if I had to I guess, but it would suck.

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Just the way you are describing your financial situation, difficulty to endure 5k in extra expenses over a year's time, etc., I'd be worried about jumping into home ownership right now. That shite has so many expenses you don't realize, it could put you in a bad situation. It's nothing for 10k of crap to go wrong in your house in a year. Sounds like you need more liquid savings before owning a home to be honest. Not saying a 401k loan is always a bad idea, but the hidden costs of homeownership can kill you if you have depleted your savings just to buy the thing.

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I want over 5% so the PMI falls off at 78-80 owed.

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Not sure if this product would apply to your situation or not. But I just happened to see it on the news crawler:

Bank of America 3% down and no PMI mortgage