You can qualify for the FHA loan, no problem. Plus you have sufficient equity to qualify with rental income. Depending on what the rest of the factors look like, purchase price, monthly income, debt, fico scores, etc you should qualify for this purchase. If you have any questions, please feel free to give me a call or send me an email.
First Capital Mortgage
Direct: (310) 434-1718
Cell: (310) 995-0975
Have a great day,
Heather Paul, Realtor
If your numbers are accurate, I doubt that you'll have a problem qualifying for the new place - assuming your old one will be rented at a positive cash flow. ( More coming in, as rent, than going out, as your mortgage, taxes, and HOA fees.)
Your biggest issue might be finding a condo development that will allow FHA financing, as many developments have been dis-approved by FHA. A good lender can probably offer financing alternatives, in case FHA loans won't work in your targeted neighborhood.
I can recommend both a good lender, and a good Realtor, if you need either one. Good luck in your purchase.