Does it make any sense to put a down payment of 20% and try to get a FHA 203k loan for remodeling costs? It would be nice to have a single loan and not pay PMI but a 203k loan would be at a slightly higher rate.

Or is it not worth the trouble and just put down 10% and use the extra 10% for the remodeling cost, pay the PMI, and get a lower rate?