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Where to begin... I would have a loan officer prequalify you to see exactly what your debt ratio and credit scores are. You may have to go FHA with low credit scores.You will have to be able to qualify for both payments (new home and old home) and the underwriter will not allow you to use rental income on the old house to qualify since you don't have 30% equity in the home.You most likely would have to pay off any collections as well. Even if you did a short sale, you would have to wait several years before you would be eligible for a new loan.
Not knowing the credit score, I would say no because you would need to qualify carrying both mortgages. A lender could not consider the rent in this situation.
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