Renting current home and buying another? - Zillow Real Estate Advice

My husband and I currently own a condo close to downtown Denver. We are considering purchasing a house in the southern suburbs, which would be closer to my work and give us more room to start a family. However, I would prefer to not sell the condo and to rent it out instead.?The market is on?the upswing and prices in the building have been climbing steadily. I would like to keep the property?until it settles. I know we could rent it for enough to cover the mortgage+HOA.

Unfortunately, we only have enough cash to put about 5% down on a new home if we keep the condo. If we sold the condo, we would likely generate enough cash from the sale to put down 20%.

Does anyone know if it is possible to get approved for a mortgage on a second home (which would be our primary residence)?with only 5% down? Would it drastically affect our interest rate? Is taking out a home equity loan on the condo to cover the down payment on the new home?an option? I know we need to talk to a mortgage broker, but we're still in the early phases and I would like to know if we need to be preparing to sell the condo if we hope to move.

Thanks!

Source: http://www.zillow.com/advice-thread/Renting-current-home-and-buying-another/472879/

scarlett o hara pat sajak vanna white michael robinson joe paterno memorial service taco bell breakfast menu ener1