Re: Taking DR/too frugal living too far....not updating home....
Ours is on-top of the mortgage loan- conventional loan not a 203K. It only lends up to $20,000 on top of mortgage but it is less money down than a 203K (10% vs. 20%). We pay PMI but after the first year, if you can show the house is worth more than your loan, they cut pmi out (saves us $90/ month). We also are aggressive and will pay more than the min payment. If you make 1 extra payment a year it cuts your loan from 30 yrs to like 22 yrs. we also will do the minor work ourselves (replacing carpet for Hardwood, painting, etc) so knowing basic construction is very handy. I will say I don't think we do it if our monthly would be extremely higher but for us buying ends up being only $50/month more and thats including taxes and home ins. Plus the equity is ours to keep and we get "stability". We plan to stay in this house the next 30+ yrs too.
Erin- Helpmeet to David, Deaf. Reformed Christian. Homeschooling. SAHM to 5 on earth, 3 in eternity and currently in the family way! Edd July 2014! Grow baby grow!