Here is some info on the product: Product Overview Combines home purchase or refinance (limited cash out) with home improvement financing in one loan with one closingProvides a convenient way for borrowers to make renovations, repairs, or improvements totaling up to 75% of the "as-completed" appraised value of the property with a first mortgage, rather than a second mortgage, HELOC, or other more costly financing method.Funds can be used for repairs or renovations that are permanently affixed and add value to the property.

Not an electrician...but I know a few and have done this sort of thing myself.The comments made prior about non-grounded systems are spot on - if the system wiring is not grounded, your three prong is for looks (and convenience) only.It doesn't make sense that they would not have hooked up the ground if the system was grounded...but then again, people do crap that doesn't make sense all the time.

A few quotes from lenders have yielded rates this low in the area but I suppose it can change day-to-day.Ah and the 17k is pretty low but we are *leaning* on the Father in Law to help out a bit here :-) while doing a lot of the work ourselves.

HML's would likely be in the realm of ~10 and ~two points.If you lean towards going the HML route, I would be pleased to discuss the details.Cheers.

@Sam GibertiI would actually lean toward A with B a close second.

@Joe Garb if you have a good agent, lean on their team.

Building cash reserves in the first couple years is going to be the most important thing.I'm not entirely sold on brrrr yet, but I am definitely leaning that way.

Removed all of the carpet from the rest of the home, added some small conveniences here and there and eventually removed all of the wallpaper and repainted.

I'm cautiously leaning towards the latter, and believe that the market will correct itself and probably land somewhere in the middle. 

You will want to choose an area that is convenient for you to begin with, maybe even your own neighborhood where you live, or at least somewhere that is not too far for you to get to.