What to do with house/moving

[swanson719]

Look for a manual under-writer too. They help out a lot. Also, when you look for a listing agent, look for a 3% or less, and when you list it, put the price a couple grand higher than the appraisal - no more than 5K. That way, you have some wiggle room to come down, but at the same time aren't pricing yourself out of the market. Might get lucky and have someone buy it for asking. If you figure 6% in commission, and another 2% in closing costs - which the seller is going to have to pay in this market - you might end up having to stay in it a little longer to have enough to put down on your new place. We bought our house at 27% on a 30 year, but have no other debt, and live comfortably. We pay more towards principle each month, but I would suggest keeping your entire monthly payments, including car, under 50% absolute max. You probably won't get approved if your Debt to Income is over 40%. You won't get the $8K tax credit either - it's for "first time home-buyers" who haven't owned a home in at least 3 years. The only upside is you won't have to pay taxes on the sale of the property because there won't be any income.