Financing our new home

Well, I met with a mortgage broker last week to find out if it was at all possible for us to manage two mortgages at once while we try to sell our NC home.  The answer was that, although any bank would be willing to give us the chance, we would likely be living on bread and water in the attempt.

We're all too fond of pizza and ice cream to cut it out of our diets for more than a day, so that puts two mortgages out of the question.   In addition we found out that although we have enough money saved to put an acceptable down payment on a new house, we don't have enough to put a down payment on a house we would be willing to live in. 

So we will put an immediate halt to any house hunting efforts until we at least have a reliable contract on our Durham house.  We will also be starting a very strict budget effort in order to stash away more funds for when we do find that house of our dreams.

Neither DH nor I have ever been very successful with budgeting in the past.  I have never been able to plan a reasonable amount that would last the whole month.  Fortunately we are both very motivated to succeed this time.  I have found a great resource at this website.