New Investor/ 103 financing on my primary residence

[Tanner Carson]

Good Afternoon! 

My name is Tanner and i am 27. My wife, son and I recently purchased a home in yoakum tx.

After purchase our home was appraised for 25 k more than what we bought it for. However we did do 103% financing which i havent really wrapped my head around. Probably my first mistake! not Knowing.

A little about me and my journey down real estate. I make between 80-100 a year and my wife does around 50. we should be debt free besides house and one car next summer. however we are expecting a daughter in october.

Looking to get some mentoring on what i should do with my primary residence. explain to me if that is good equity even though my financing is different.