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Reply to "Moving to a new house when we already own a house "
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[quote=Anonymous]OP, a couple of things: First, obviously you either need to sell and buy simultaneously or else sell first with rent back and buy immediately after. Both are very common in the DC area market and won't be a problem. Never quite as competitive as an uncomplicated sale or purchase, but not a problem. Second, max debt service (includes property tax and insurance) to gross income is 42 or 43 percent but most lenders can go to 45 if credit is good. You can easily qualify for the loan for the $800k place, once you sell your current place. I do not understand why this is complicated. Your situation is very typical for many buyers looking to trade up. Were you hoping to keep your current place as a rental? That's another story. [/quote]
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