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Renee Said:

Can a person purchase a home, have a mortgage on a home, if they are on the title of another (not on mortgage)

We Answered:

What you have on title will not show. You are responsible only for your debts. If you are on title for another home in another state, its an asset not a debt. List it as such.

The answer is yes, you should be fine.

Matthew Said:

Can i rent out my house which still has mortgage and purchase another home?

We Answered:

A lot depends on your debt to income ratio (how much you have coming in versus how much you are paying out, and if your house was your first house and your income hasn't greatly increased very much, you probably won't qualify for that big of a loan. You will still have the same deductions plus a few new ones (applicable to investment property) but your hazard insurance will increase quite a bit (because it isn't owner occupied anymore).

Remember, you aren't seeking a second mortgage, but merely a second first mortgage.