Hi Ken 22992,
The advice below is right on. Because you clearly have a plan established, your next step should be to talk with a Mortgage Professional. The mortgage meltdown and the effects it put on our economy has caused lenders to drastically change how they do business and they continue to change as our law makers require new guidelines. Speak with someone you have used in the past for your borrowing needs, check in with family and friends to see if they have a contact that they were happy with, or I would be happy to provide you with a couple of names that you could call to ask about your specific situation.
If you haven't already, I would also suggest that you start watching the home sales in the area in which you hope to purchase your next home. Becoming educated will help you make a better choice, for you and your family. Think about partnerning with a Realtor that can will provide you with monthly sales reports in your target area.
I would also suggest (if you haven't already) that you check websites like http://www.Craigslist.com
to see what you might expect to receive for rent on your current home.
April Tavares, GRI, ASP
Realtor, DRE License #01742179