As far as an opinion no one can truly answer that question until they know your financial goals. I can tell you what you may potentially qualify for though.
If you have a VA loan now, you are correct, you can refinance and skip two months of payments to put towards savings. You could go with an FHA loan at that point and only have to put down 3.5% of the purchase price for down payment. You would have to qualify with a debt to income ratio with both payments against you though. FHA allows for debt to income ratios on a primary home of 47% of your income towards your new payment but a maximum of 57% for all debts including your new home.
If you sell your home you can purchase using your VA benefits with no money down and even have the seller pay your closing cost as the VA allows up to 6% of the purchase price to be given to you from the seller to pay for your closing cost.
I hope this helps, feel free to contact me for further questions and concerns.
Joshua Lerette - Sr. Loan Officer
Residential Finance Corp.
Best of Luck,
Maria E. Cipollone
Century 21 Tenace
"Selling Real Estate Since 2001"
Elite Texas Properties
12320 Barker Cypress Road
Cypress TX 77429
Selling and then moving into a rental would not be financially sound. Rental rates are at their highest right now, and you'd probably not find anything worth living in that is less per month than your current PITI or what your new PITI will be after you refinance.
Selling and moving into something priced below $60000 could be even more of a challenge. At that price point most homes will need major renovation, and most likely will not be move in ready. Renovations are costly and time consuming. Depending on your disability are you able to rehab a home, and where will your pets live during construction?
Your best option is have a candid discussion about your financial situation and what you would like to achieve with your lender and find a loan modification or refinance option that will achieve your goals. With mortgage rates as low as they are you will realize the most benefits by lowering your current house payments and staying where you are for a few more years.
I hope this helps you.
Best wishes for your success,