Do you have the downpayment for the property in Florida?
Regardless of whether or not you have equity or not in the house in Texas, you are going to neeed to qualify for the new home with both of the payments.
So if you can not budget both payments, you will need to wait until you sell the homes in Texas.
I can calculate your debt rations for you and see if we can get this qualified.
Please let me know if you would like to figur ethis out, I wiould be glad to help.
The Lending Team
You have received some good advise already here. It is important to take your time and you may need some time as you work through this.
Can you qualify for both homes? Your Texas home, if rented will likley still be a debt, meaning any lease or monthly rent will not be used to offset your debt. However, if you qualify for both, you may want to buy in Florida before your credit score is affected by a short sale.
If you sell your home in Texas $20,000 less than what you owe, your credit score will likley plummet 200-300 points which will cause you to no longer qualify for the mortgage you will need in Florida. As advised below, you should caution yourself of owning two homes. Therefore, you next option would be to take this in order by selling the house in Texas and rent in Florida until such time you are able to locate and finance the house you are interested in.
Hope you are able to have your move fall in place.
Kay Pearson, CRS
9803 S, Ocean Drive
Jensen Beach, Fla 34957
Most would advise you to take this "one step at a time" and get your property sold in Texas prior to possibly making things more complicated by purchasing another home.
Other people in your situation are considering renting their original home until it sells and relocating to the new area and seeking a month to month rental to meet their needs until their home on the market, sells.
The Eckler Team