Booking Another House From Builder While Renting The Present House
I own a house. Recently I have booked another house with a builder in the growing neighborhood in Milton. I have paid a total of $45000 in 4 installments from my bank account to the builder. My closing of this house is Apr 2013. I would like to move in to that house and would like to put my present house on rent. But I wonder could I will be approved for approx $550000 mortgage for new house whereas my existing house at that time will have $ 225000 mortgage left. I have a total family income around $ 90,000. What do you suggest?