Should we purchase SFH? Advice needed.

[Anonymous]

Or, do what another poster said and try to pay extra on your mortgage every month without refinancing (and without losing another 10K in equity in closing costs).

THIS! But pay off the car loan first.

You will need to qualify for both mortgages because you have no history as landlords. With your DTI and wanting 100% financing, which I don't even think is available anymore, this is impossible. And if if for some reason it is possible, don't do it. If your family gets too big for the condo, rent it out and rent something bigger yourselves until you're in better financial shape.

[Anonymous]

Definite no-no until the car loan is paid off.

I think the student loans AND the underwater by $85k on your place are the killer combo.

You can probably get 90-95% financing on a new (to you) place if you have GREAT credit otherwise. BUT, being ok to handle both mortgages AND a student loan? Not unless you're looking for a new place in Winchester (SFHs for 200k.)

[Anonymous]

OP, we also had an HHI of $160K when we bought, but without the condo and the $80K in student loan debt and a little more in savings. I'm sorry, but I don't see how you can afford a mortgage of $450K. We bought a house that was offered at $300K and we bargained down to $285K. Our mortgage fluctuates between $1700-2000 each year depending upon taxes and PMI.

Our home is 90 years old and has had problems, many of which were covered by the home warranty but many of which were not. Owning a SFH is expensive as hell and I just can't see how the figures work out for you - especially if you want to have another child. We will end up coming out of this with cash in our pockets, but I'm not sure it will outweigh what we've had to put in. If I had to do it all over again, I would have waited and done many things differently.

I think you need to be a better position on your condo and be able to sell it without a loss before you buy a home.