If you are wondering if you can use FHA financing toward the purchase of home even though you already own, the short answer is yes. You must purchase the home as your primary residence. The FHA financing guidelines have changed, so there are more options available than in the past.
If you are considering utilizing First Time Home Buyer funds such as ones offered by individual cities, that is different story. Often these programs will have very definitive parameters that a first time home buyer must fit into.
Are you considering selling your current home and purchasing a new one? Or do you want to hold onto your current home and purchase a second? Depending on your situation, the financial options will differ.
I would suggest you talk with a reputable lender who can give you some guidance regarding your current situation and you plans for the future. I work with Chris Hudson of Windsor Capital and I can highly recommend him. He is extremely knowledge and is a consummate professional. He can be reached at firstname.lastname@example.org or you can check him out on the web at http://www.MyHomeLoanPlan.com
I hope this helps and if you have further questions, do not hesitate to contact me.
Alain Pinel Realtors