Newsflash: Own an existing home want to build a new home. Have questions.

I own my existing home with my husband. My husband is projected to make $75k this year and I am projected to make $35k. I am self employed. We own our existing home and pay $900 a month for it, with a payoff amount of $125k. We want to build a new home for $210k. We have monthly debts of $300 for a car, $250 for another car, $120 for a loan and another $80 for credit cards. We have around $8k in loan/credit card debt on top of our house loan.We have around $12k in gift funds as a down payment and another $10k in stocks coming in august as a down payment (amazon stock).We have around $5000 in our retirement account, $8000 in our savings account and $65k in Restricted Stock Units with a vesting date of February 2017.We want to build a new home but don’t want to sell our existing home until the build is almost complete. Is this possible? What are our options?Thank you for your help.

Read more at https://www.reddit.com/r/RealEstate/comments/6f4bps/own_an_existing_home_want_to_build_a_new_home/?utm_source=ifttt

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