I have worked with Brent Mendelson, who also responded to your question, and can recommend him highly to get you through that process.
I wish you the best,
I would recommend talking with a lender or two who will best be able to let you know what your options are.
All the answers are on target. If I were you, I would check out Penfed credit union and NIH credit union. Their rates are awesome and their fees are minimal.
Kim Pham, Broker
A thru Z Realty
Depending upon your personal financial situation, you may qualify for an additional mortgage. You would need to qualify for both mortgages plus have adequate reserves. If the townhouse is leased, a portion may be able to help you qualify for the new loan. I have lenders available to assist you.
You can rent out the Townhouse,
You can get financed,
The important question is,
Does your Lender know about renting it out; most home loans demand Owner/Occupant, and if you are not clear with your Lender, you could have serious problems.
If you can get past that;
Would you be able to rent it for more than you are paying on the Mortgage and Expenses?
Good luck and may God bless
You should check with a lender to see if you can qualify for a new mortgage with your existing mortgage - you will need to have 30% equity I believe in your current home for a lender to count the rental income. Please feel free to email me at firstname.lastname@example.org and I can put you in touch with a lender.