Can I buy a house if I already own one?I bought a townhouse last July, 7/2010. My payments are $700 month. We can rent it for $1,000 month. We would like to take advantage of the low home prices and interest rates and purchase a house. We would rent out our townhouse, place 20% down on another house. My FICO is 790 and my wifes is 800. Can I qualify if I already have a mortgage? Would I pay a higher iterest rate?October 23 2011 - Fairview00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.