Underwater 1st home - Buying another

Our current home in socal is 200k underwater. Family has grown and we need a larger home. We plan to buy another home as primary residence, in pretty much same community we live in as the schools are phenomenal. we will be able to manage 48% DTI without considering rent on current home. Scores are 740+, excellent credit.We keep getting mixed opinions as to we'd be able to get a loan or lenders will look away due to potential buy & bail situation. I have done calculation and I can show that keeping our current home and renting it out nets us small amount at the end of the year when we do taxes.Having said that, what are our odds to be able to secure a mortgage for our second home? We can put as much as 20% down. by kathto_147_638 from Tustin, California. Sep 6th 2011 Reply