Yes. You can... and just about any lender can do it. Depends on the loan type you qualify for (Conv, FHA, VA), but you will be able to.
Plenty of caveats to this answer, but by and large, go for it! ;)
Happy House Hunting!!!
Home Mortgage Consultant
Wells Fargo Home Mortgage
I just completed a transaction for a young couple that are expecting their first child and decided to leave the small condo they lived in. I found them a home, they combined their income - so even with the debt of the condo, they still qualified for a home loan and purchased a very nice home in Columbia, MD. They in turn, had set aside enough money to carry them for a few months on the cond,o just in case it did not rent fast. But they fixed it up and cleaned it up and had it ready to put on the market for rental about 1.5 months after buying - I put it up for rent and had it rented in less than 2 weeks!
Your first step should be to contact a home loan advisor, just to see if this would be possible for you. If you need to contact anyone, I do have a few in mind I can refer you to.
Best of luck to you!
I have done this with several of my clients recently and find that lenders proceed with more caution. In today's market, they are likely to require your debt-to-income ratio to be more favorable and have a signed tenant lease in place before funding a loan.
Your best bet is to talk with your lender about your plans. And to have a savvy agent on your side to guide you through a tenant lease and new purchase.
If I can offer you some contacts, please feel free to ring me!
Kimberly Barton, REALTOR
Champion Realty, Inc.
711 Bestgate Road
Annapolis, MD 21401
You are smart to look at the opportunities out there!
Keller Williams Excellence Realty
The answer is maybe! Will the rent cover your complete mortgage payment? Check with a local realtor who specializes in rentals and request a free CMA. Then contact a good local lender to find out the best loan type for you and your situation.