Can I get an FHA loan for a new home even though I currently own?

In most instances, you can only have one FHA mortgage at a time.. so If your existing mortgage is FHA, then no.. you will not be able to use FHA financing in your new purchase.. If however it is not FHA, then you can use FHA to purchase your next home.. you will have to qualify for both payments, and the lender will most likely not allow rental income from the exiting property to your income to help with your DTI ratios.. However, I would not recommend using FHA unless it's the only way you can get this new home.. conventional financing has much lower mortgage insurance and there is no up front charge like FHA.. if you have high scores (740+), then you will most definitely benefit from conventional over FHA even if you only have 3% down payment.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

It sounds like you are saying you do not have an FHA loan on your current home so you can get an FHA loan to purchase or we could look at a 97% conventional loan that may be a little cheaper.... I started my career in Sacramento and I am nearby, give me a call at (707) 347-9250 or stop by www dot Ask The Loan Man dot com

I agree with both previous answers. One can have usually only one FHA loan at a time.

If you do not already have a FHA loan then you may qualify-Please keep in mind that if you are going to be using your current residence as a rental, therewill be liquid reserve requirements required. Check with a local lender who can guide you through the process.

As long as your current loan is not FHA you can apply for FHA purchase loan. Also your current residence will have to have 30% equity In order to use any rental income. This will be determined by a full appraisal. If you do need the rental income to qualify, you will need to show a lease and deposit of rent from renters as well. If your income is high enough to debt ratio without rental income then you will not need to show equity or rents.