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Reply to "Moving to a new house when we already own a house "
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[quote=Anonymous][quote=Anonymous]I don't mean to be a Debbie downer but can you qualify for a $480k loan on a HHI of $150k? And would you want to? The $480k loan is assuming you add all of your cash to your $250k equity for a down payment. [/quote] So our mortgage payments would be about 3k a month but we take home close to 6k a month after benefits, tax and retirement contributions. We have no car payments or other debt. We also have no daycare costs (I sahm). So it gives us 3k a month to live on which I feel like we can do. We have excellent credit. So we won't be buying bmws, but we will be ok. That said I don't know if we would qualify. When we bought 4 years ago, we qualified for 750k and had a HHI of 125k. So I feell like we might? Amything our th sells for over 600 would reduce our note on the future property...so maybe the note would be smaller.[/quote]
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