Qualifying for 2nd home while renting first

[Chris Martin]

Hi All,

I'm looking for some input on qualifying to purchase a second home.

Our current situation:

• Own 3200 sq ft home worth 750K in competitive rental market with 3 units, and currently rent out 1 small unit at 1600/mo.
• Whole home would rent for at least 5000/mo.
• We know we qualify (using just our incomes) to purchase another 650 K home (keeping out current home as rental). 
• We found a home we like for 850K, but are not sure we will qualify based on only wages to purchase without selling current home.
• But since we can turn a profit on our current home, it does not make sense to sell it--we'd actually be bringing in less money.

Are there banks that will loan using projected income on our current property? We've been renting out 800 ft of it for 1600/mo for over three years.