How are you planning to obtain that equity?......Do you have a home equity line of credit? Are you planning to sell the house, and have that cash in hand??
Simply having the equity sitting there will do you no good unless you actually tap into it!
If you haven't sold your current home, or aren't planning to...................then the question is........as Pacita already mentioned.... can you qualify for a new loan if your current home isn't sold.
A mortgage rep is the one to turn to for answers to your specific questions.
If you decide to keep your current home, can you qualify to buy another?
Your first move is to speak with your mortgage lender who can provide quidance on what you can and cannot do.
Folks on this forum can only speculate on what your situation is....
Good luck on your move