New Law? Buying new home with Lease Contract on old home...

[Mike]

We're in the LOOOOOONG process of buying a short sale (going on month 5) and our mortgage broker said there is a new law going into effect (they're not sure when, trying to find more info) about having a lease contract on our first home and not being able to get a mortgage for our new home. Here's our situation: we own a home that we have rented out, and have a lease contract on it, and are living with family waiting to close on our new home (the short sale). So we will have 2 mortgages, one for the new house, and one for our old house, paid for by our renters. The mortgage was approved by the lender with the lease contract before this law, but now we're waiting on getting the contract back from the seller's bank to start the closing process. Does that make sense? I'm trying to find out if anyone knows about this new law and what it entails. Thanks!!!