beaners Posted January 15, 2012 Share Posted January 15, 2012 We are still ironing out details on an offer, but it is looking like we may need to move 6 hours away in 8 weeks. I can't see any feasible way for us to rent with all of our animals, and I frankly don't want the hassle. I'm pregnant, and I've moved before while pregnant. I'd rather not do it twice in close succession during the same pregnancy. We need to talk more with the mortgage broker who has FHA info on a house we are interested in, but I can't do that at this very minute. I'm not sure if we can get a second house with a mortgage, and I'd be interested to hear some perspectives. With what we are looking at, the combined mortgages would be less than 2 times my husband's current annual salary. We should be adding at least 15% to that after everything is straightened out. We can come up with a 5% down payment in cash, but we would need to liquidate some investments to come up with 20%. Credit rating is between 680 and 710. We have $300 in monthly debt payments other than our current mortgage. We aren't sure what our house will appraise for, but the market here is the same as when we bought. We've made significant repairs and paid down 15% of our mortgage, but we have some things to finish before we'd like to put the house up for sale. Are we being ridiculously hopeful, or does this sound like it may work? We would need an FHA on the new house because it needs a few things before it can be occupied, so we would definitely need either our mortgage here or our mortgage on the other house to be less than 75% of the appraisal. So, if you made it through that, what do you think? Quote Link to comment Share on other sites More sharing options...
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