Underwater on townhouse, want to rent out and buy a new bigger home. Do you think we will qualify?Current town home we owe 148000.Current monthly debt including mortgage is 1600.Income 9000 gross per month. Would like to rent out place and buy another in the range of 250000-300000. We bought the townhouse and had no kids and now we are about to have a 2nd kid and We need a bigger place. That is the reason to move. Both credit scores above 750.Willing to put down 10% down payment.January 20 2012 - Palatine00YesReport 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.