Has anyone bought a home before selling your current home?

[BigSnacks]

There is a fantastic deal on a HUD home near me.  I bought a family members house in 2013 and have had a mortgage on it since then.  I want to buy this cheaper and smaller HUD home.  I would use a FHA loan as a owner occupant.  

My question is I already have a mortgage as a owner occupant.  Has anyone bought a home before selling their current home?  What hoops did the mortgage broker make you jump through?  Are there any specific FHA hoops that I dont know about yet?

What debt to income limits does FHA have?  How hard would it be to refinance out to eliminate PMI down the road?

THANKS  

[sports1965]

Can your income support 2 mortgages?

Is your DTI low enough for u to qualify for a 2nd mortgage?

You can only have 1 FHA mortgage at any given time

[BigSnacks]

Yes my income and DTI can support 2 mortgages.  I dont have a FHA yet.  

[frugalQ]

Those really are the only two issues relating to keeping existing home.

Good luck.