Reply to Moving to a new house when we already own a house

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I'm kinda with Debbie Downer on this one.  With these numbers your ratio of take home to PITI is double what I would be comfortable with.  Maybe you are privy to some information that changes the equation down the line, but I'd be careful about the whole house poor thing.  It's no fun sitting in your mansion eating ramen noodles sitting on the papasan chair from your dorm room in undergrad.  Also, you'd need to build up a large emergency savings account really quickly since you are a bit extended on the house with only one income and a family of 5.[/quote]

So fwiw, only one of the kids is ours. We are taking care of somebody else's kids and receive about 30k a year to do this (think like foster care/temporary custody arrangement). But we don't include this in our hhi because it's more of a stipend? But we don't pay taxes on it because  it's classified as a stipend. But it won't last forever so I don't want to count on it (children may be able to go live with their mother again one day). The takeaway is that I am only financially supporting one kid.

I wish I could call this house a mansion:) think slightly larger bungalow.

So I waffle back and forth between the Debbie Downers and that a 3k/month mortgage is too much and looking at our finances and feeling like we could totally find an extra 12-15k in our budget a year to make the new mortgage work.  Thank you for all the help! We are working with a broker and are going to try and sell our house quickly if the offer is accepted.
[/quote]

Well, the problem is, it's almost impossible to buy a house in this area without going over the standard "3 times your salary" advice if you're making 150k. We have the same HHI as you OP.  I am hoping to finance no more than 450k on our next house which is pretty similar to the numbers you're taking about. Depending on interest rates when we buy in a couple of years, I also think it's within our budget (albeit the high end). Would I like to pay less? Yes. But house prices here are ridiculous. [/quote]

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