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Yes. The LTV would be way lower, too.
Don't forget to budget or allocate for the more valuable home to likely increase your DTI slightly as it probably has a higher property tax assesment and cost to insure.
If your DTI is already near its maximum approval at $200k loan, then this could be of concern and it might be more beneficial to research paying off any other debts/liabilities that are impacting your mortgage equation.
In the event that interest rates (sarcasm) SOAR (/sarcasm) higher to 5.0% fixed for 30 years the $40k difference in loan amount would be $200 in monthly mortgage payment increase. One can research paying off an installment loan early or a credit card in order to increase/enhance your buying power.