In addition to what others have advised (ie. good credit, 10-20% down, etc) you may also be require to have 25-30% equity in your current home. Lenders are very concerned about "buy and bail". That is when you purchase a second home (even though you can qualify for it) and then walk away from your first home. Since you purchased a year ago using FHA, there is a good possibility that you do not have that level of equity.
Your best bet is to get pre-approved by a great lender before you start looking. That way you will know how much home you can buy, whether it is as a new primary residence or as an investment property. I would be happy to give you a referral to one or two great local lenders if you need them. Dare to Dream.
Shel-lee Davis, QSCÂ®
Certified Distressed Property Expert â€“ CDPEÂ®
Short Sale & Foreclosure Resource â€“ SFRÂ®
Certified HAFA Specialist â€“ CHSÂ®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
Any lending or loan questions feel free to contact me.