Also, maybe you can refinance your current condo before you move.
The qualification for rental income being used as income to qualify for a loan does not change from lender to lender. The rules for what is considered "income" to qualify for a loan has been pretty much set in stone after the mortgage break down and rightfully so. Until your rental income appears on your taxes you cannot declare it as income.
Sabran, please check with you Home Owners Association in regards to owner being allowed to rent. They may have set rules.
Best of Luck,
Manuel Brown, Broker
(25% equity for FHA 30% for conventional)
Senior VP of Mortgage Lending
I would suggest you speak with a qualified lender for the second mortgage questions. As far as I know, there are no lenders willing to lend additional money on an underwater home. I hope you find the right answer and good luck!