Cant sell my first home can I buy another and rent out the first?I hope you can answer my question.I bought a Townhome in Colorado Springs in 2008 through CHFA first time homebuyer program. I would like to sell this townhome and buy a new home however like many I am upside down in my Home I owe about 120k and its worth maybe 90k. Since then my work has taken me to Castle Rock and I have rented out the townhome with CHFA's permission. I have had tenents in the townhome since April of this year. I am currently renting a another townhome because I was under the assumption i could not buy another home until the first one sold.I have looked into refinancing since my current rate is 5.875% and been shot down because it is not worth what I owe and I can't sell it for the same reason. I do not qualify for Harp because my mortgage is through CHFA and not Freddie or Fanny.I would really like to buy a larger home for my family(we are expecting) in the Castle Rock area and take advantage of the great rates and prices but I don't know how to go about it.My question is, is there anyway I can buy another home with little down money 3-5%.I make roughly 52k a year and my wife makes 12k.We have one car payment 460 a month and no other debt besides the townhome.Thank you,JeradNovember 30 2012 - Colorado Springs00YesReport 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.