I am not sure if you would be able to get another FHA loan, but also how much you would be able to do or if you could get another loan depends on your individual situation.
Your best bet is to talk to a professional loan officer to find out what options may be open to you based on your situation and qualifications.
If you'd like a few recommendations, I would be happy to share a few!
Thank you & good luck!
Keller Williams Excellence Realty
Greg's answer is right on the money in almost all cases but there is a little wiggle room to have two FHA loans under certain limited circumstances. The addition of a child or a forced move due to job loss or transfer would perhaps allow you to have two FHA loans. There are a few more reasons but I can't remember them off the top of my head and the reasons listed are what I have used to get people in another home using FHA while they already had an FHA loan. Hope this helps and please let me know if you need more information. As for any rental income if you don't have at least 30% equity in the property there is no way to use any rental income to help you qualify. More than likely both homes would have to be counted against you. Good luck and I am licensed in both Washington and Maryland if you ever need any direct assistance. One idea might be to streamline the current FHA loan to save money and help you qualify for the new home purchase.
Senior Loan Officer
1ST Mariner Mortgage
Lending in all 50 states
mortgage payments. The new guidelines for rental homes is a home must have been rented for one year before the rental income is included against the mortgage on the home.
Please consult a local mortgage lender.