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[quote=Anonymous][quote=Anonymous]A very similar scenario was just posted last month and you might find some helpful advice in that thread:

http://www.dcurbanmom.com/jforum/posts/list/743635.page

OP had a small rental property/fallback, their current house, two small kids, and was going to take an income hit that would drop HHI from $320k to $200k.  She summed up their options as follows:

(1) Sell our primary home and the fallback home. Buy something that's around $600-700 with a down payment of $300-350k. The interest rate will be higher and we will pay lots of transaction costs but oh well

(2) Suck it up and try to make it work in our current situation. No more lawn mower or cleaning service. No more going out to eat. Reduce retirement savings just to the match.

(3) Sell fallback home only and refinance our main home. We can't do a recast because that is not allowed with a VA loan. We will pay a higher interest rate than 3.5%, obviously.

(4) Sell fallback home and put the $ in some sort of safe savings vehicle. Pull money from it as needed to help pay for main home so we don't lose our low interest rate. 
[/quote]

I should add their PITIs were nearly identical to yours, both at 3.5%, the rental property at $2000 PITI and their current house at $4500 PITI.[/quote]

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