Is it ok to have 2 FHA properties or will i need to deed quit??

From the FHA Handbook:"FHA will not insure a mortgage if FHA concludes that the transaction was designed to use FHA mortgage insurance as a vehicle for obtaining investment properties, even if the property to be encumbered will be the only one owned using FHA mortgage insurance. We do not object to homebuyers using FHA mortgage insurance more than once if compatible with the homebuyer's needs and resources as follows: a. relocations (property is not within reasonable commuting distance)b. increase in family size (might still need to pay down the existing property to 75% LTV)c. vacating a jointly owned property (ex: divorce)d. you are a non-occupying co-borrower."If you have 25% equity in the other home, you shouldn't have any problems. Keep in mind that FHA has very expensive mortgage insurance - I wouldn't suggest it unless you can't qualify for other loan programs. Lots of people like FHA loans for multiple unit properties, because of the low down payment requirement :)

Short answer, yes. Long answer is that it is only ok if you purchased a home with the intention of living there and then moved away from it and purchased another and you used FHA on both transactions. You cannot purchase a second or investment home with FHA.

Yes - there are specific requirements to be met however. I won't bore you with the specifics, but give you general parameters, that if you meet, you should continue the conversation with a knowledgeable loan officer: Did you move away from your other home for work? Is your other house too small for your family? Are you still on an FHA loan that your ex now lives in? Is the other home now a rental with at least 25% equity (you don't need to count a non-FHA second)? If you meet any of these it's worth pursuing with an experienced/knowledgeable loan officer. If they don't know what you are talking about when you say you meet one of these criteria, keep looking for a loan officer.