I think I'm likely to land a new job/promotion in another city (GS-13, yay!) that's going to require me to move. I'm currently a home owner and have a mortgage. The move is going to cause my wife to have to quit, so my income's gonna drop from about 105K to 75K temporarily. I'd anticipate she could get reemployeed within 3-4 months though near her old rate, but nothing's guaranteed.
What's the best way to transition in terms of homes? Will i be able to get a lender to let me buy another 150-200K dollar house when i already own a 180K one with only about 70K equity in it? Will i be able to swing two mortgages temporarily? I only have about 11K in liquid money (not tied up in assets/IRAs) to utilize for this transition. My moving costs will be relatively minimal since the federal government will move me, and will pay a lot of the costs associated with buying and selling the homes (such as closing costs).
Anyway, this is the first time i've moved as a home owner, so it will be a new challenge/adventure. I'm accepting any/all tips. I am a USAA member, so i'm wondering if their mover advantage program is good too.
Thanks,
Azanon
What's the best way to transition in terms of homes? Will i be able to get a lender to let me buy another 150-200K dollar house when i already own a 180K one with only about 70K equity in it? Will i be able to swing two mortgages temporarily? I only have about 11K in liquid money (not tied up in assets/IRAs) to utilize for this transition. My moving costs will be relatively minimal since the federal government will move me, and will pay a lot of the costs associated with buying and selling the homes (such as closing costs).
Anyway, this is the first time i've moved as a home owner, so it will be a new challenge/adventure. I'm accepting any/all tips. I am a USAA member, so i'm wondering if their mover advantage program is good too.
Thanks,
Azanon