Having 2 FHA Loans

[Anonymous]

I own a property, that I turned into a rental for 3 years now that has a FHA loan.  I turned it into a rental property b/c I got married and had two babies and we outgrew the home.  Its only 2 bedrooms and 1 bath.  We are ready to buy a bigger house, now that I have 3 years of rental income on my taxes.  I have done some research to see if I can quailify for another FHA loan.  I know there are some strict rules, but I found an exception that fits me .. "If your family has outgrown its current home, you are allowed to take out an FHA loan to purchase a second residence and use your first home as a rental."     Has anyone heard of this?  Or have experience with dealing with two FHA loans? ~Thanks!

[Anonymous]

I don't know all the FHA rules, but if that is true, I'd say you're good to go.

[Anonymous]

FHA was created to help the lower to middle class borrowers afford a home with little down payment.  As a result, FHA limits borrowers to one FHA loan at any given time to avoid borrowers using FHA financing to acquire investment properties.  However, FHA has some exceptions to the rule, which can be found here: http://portalapps.hud.gov/FHAFAQ/controllerServlet?method=showPopup&faqId=1-6KT-879

[DallasLoanGuy]

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@Anonymous wrote:

I own a property, that I turned into a rental for 3 years now that has a FHA loan.  I turned it into a rental property b/c I got married and had two babies and we outgrew the home.  Its only 2 bedrooms and 1 bath.  We are ready to buy a bigger house, now that I have 3 years of rental income on my taxes.  I have done some research to see if I can quailify for another FHA loan.  I know there are some strict rules, but I found an exception that fits me .. "If your family has outgrown its current home, you are allowed to take out an FHA loan to purchase a second residence and use your first home as a rental."     Has anyone heard of this?  Or have experience with dealing with two FHA loans? ~Thanks!

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you will be fine with this scenario