Getting another FHA loan.

No waiting period, just can't have two at the same time. Profit would be capital gain but not necessarily taxable. http://www.irs.gov/taxtopics/tc701.html

Hi and Congratulations on that new Job,Good news is that there are no such restrictions. You can close one FHA loan and be eligible for another the very same day.As to the capital gains question, I must defer to competent tax advisor as your situation may vary from another.Hope that's helpful, where are you moving?Best,Ron Schwartz

There is not a waitng period after paying off 1 FHA loan to get another FHA loan. Also, there are instances when you can have 2 open FHA loans and relocating for work is one of those instances so if it makes more sense to hold the property as a rental versus sell it, you do possibly have that option assuming you can qualify with both loan payments.

If you sell your current FHA loan, then yes, you can get another FHA loan on your next home, but you might want to consider conventional. The rate is higher, but the MI is less and with conventional MI, once you have paid for 2 years, and you reach 20% or more in equity, you can ask your lender to remove it and you don't have to refinance to do it.. With FHA, the MI is there for the life of the loan.. As far as capital gains.. you would need to talk to a CPA, but in general. if the property sold has been your primary residence for 2 of the past 5 years, then for a single individual, the first $250K in GAINS is not subject to tax.. if married, then $500K. .. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

You can keep your old FHA loan and use an FHA loan on your new purchase. FHA makes an exception in your case due to relocation for work. On the other hand, if you keep the old home, you'd have to qualify with both payments and you'd need the reserves (6 months of current mtg payments). Otherwise, if you were to sell before buying new - that's even better and you'd have no worries about getting a new FHA loan. So far as net profit off the old home, you'd be best advised by you tax attny or CPA. Best of luck, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile.