I rent right now. But probably a year after me and the wife moved in, the owner started trying to sell us the house. Super super nice guy. I know him, I trust him and he's kinda spoiled me in that if I ever had to move and rent from someone else I would find it very difficult to do knowing odds are I would never find a landlord like him again.

Since I have been in this house he has replaced the hot water heater, the heating unit. The roof was replaced just a couple years before we moved in. The A/C unit is less than 10 years old if I recall, and there are a few other things that he has taken care of. The house was in great shape when we moved it, its just thing broke down while we've been there and he's been Johnny on the spot in getting whatever was needed taken care of.

Its not the house we want (we want to build a custom house. Already have plans drawings and so forth) but we can get it cheap enough, be out from under the mortgage in around 9 years. I feel confident in saying that by then the housing market will be back on its feet and we could sell the thing and then go build what we want. If we buy it we plan on doing some renovations, which of course would add some value to it as well.

As it stands now, I could get the loan and be done with it as I said in about 9 years. However, I could save longer (closer towards the end of the year) still get the tax credit and at the rate we can save now probably put enough of a down payment on the house to where I can avoid PMI. Additionally, that in turn would lower our monthly payment to such an extent that we could put even more extra towards principal (I figure we are used to pay a certain amount for rent, we can continue doing that for a house payment even if our payments are not that high) and that in turn would have us out from under the mortgage in seven years or less.

Ive done some mortgage calculation scenarios in which we put all we can towards the mortgage payment (just putting minimum amounts in savings) and would have the thing paid off in 5 years or less.

After what we've been through to get out of debt, I could handle 5 years of working towards that. Furthermore, it is self-imposed, so if something came up in which we needed extra money, then we just dont send in extra on the mortgage.

So those are some of the scenarios we are tossing around figuring out which would be best. My most immediate focus is getting the GP back on the road, after that, its getting a house. I got until December 1st, so Im in no immediate hurry but I like to have things planned out.