Overall I like the plan with only two areas of concern.
#1, Will you be able to get by in a 3/2 with five people, is it smaller than your current rental? What if you need to stretch that 2 year plan into an 8 year plan?
#2, Can you qualify for both in 2011 with no credit for rent from the first. Currently, lenders have different rules, no telling how long they will keep them in place but it might be while, it might be forever. Lets say your mort on the condo is 2k and you wait a few years and want to take on a 3k mort in scripps and rent the condo for 2k, in the old days you kust need the name of your prospective renter and you only had to qual for the primary and any losses at the rental, they’ve been getting screwed on people essentially moving accross the street for half price and letting the old place go, so you would have to qual for both places total, no rent credit, you’d need to swing the whole 5k mort combined.
If your combined income is high and verifiable, like 200k and up, go for it, but of the current scripps house is out of reach, even another 25% down will put you out of affordability to swing both on paper the way the factor it now. In reality you are being truthful and can swing that scenario but they’ve gone into full court defense with no date set for changing it, you might be backing yourself into a corner and be in a position to miss your target primary at the target time. If the economy turns around by 2011 and they relax that rule about rentals, you wont be the only one in scripps shopping, lots of families will have outgrown there place that they had been stuck in for years too long and the other’s will be competing with you for th larger homes in premium areas.
It’s an interesting pickle, not sure if it is a slam dunk without a little more info and I have zero knowlege about the area, just evaluating the theme of the plan.
