I work as a team with my husband Olivier, we have helped other families find places to rent for $1200. The places were in Richardson, Plano but a lot of this depends on where and how far you want to be from your work place. I know there are pockets of family friendly areas all over the the metroplex....we can set up a custom search for your specific criteria.
We would love to assist you, feel free to call 214-356-2321 when your ready.
Thank you and have a great weekend!
or maybe Anna...
Arlington, GP, Mansfield might also be options. My thought is Plano is a nice place to live, but prices may be tough to get a 1/4 acre for $200,000 or less.
My thought is also don't wait to make PMI go away. You may be able to buy now and make PMI go away with appreciation if you can put down at least 5%. Of course we do not know where prices will be headed in the future.
Right now you would want at least 5% down to go conventional. The PMI never goes away on FHA loans which might have a lower down payment.