With only a few exceptions, you cannot have 2 FHA loans at the same time. So if your first home is still not paid off then you would need to sell it or pay off the mortgage first. But other than that there shouldn't be a problem.
FHA does have a few restrictions with regards to new construction, so if the house is being built you may want to verify that the construction meets FHA standards.
Call me or email me if I can assist you with the financing end of things.
Loan Officer -NMLS #977416
WCS Lending, LLC
Toll Free: 866.936.5363 ext. 278
Real Estate Sales Force Inc.
as long as you qualify for the loan.
However on the down side is that the PMI (mortgage insurance premium) does not go away.
More and more I see people moving to conventional financing due to this, when the equity in the home reaches 20% either by paying down the mortgage or the home appreciating or a combination of both the PMI goes away thereby significantly reducing your monthly payments.
Hope this helps.... let me know if you have further questions.
It is hard to find owners willing to sell to FHA buyers in Miami's competitive market. Instead, consider a conventional loan to make your offers more competitive. I just ran a search on recent home sales in one neighborhood, and only 1 of 30 sales in the past 6 months used FHA financing.
All the best,
Alma Rose Kee, PA
Sold On Tampa Team