I also found this on the FHA website. It says "Q. Can only a first time home buyer use the FHA loan program?
A. No. You can use FHA home loans as many times as you desire when buying a home or doing a mortgage refinance. The only guideline is that you cannot have more than one outstanding FHA mortgage loan with a loan to value of higher than 75%. You can own rental property and purchase your primary residence using FHA mortgage financing." Does this mean I would not have to refi my current home and I could actually have two FHA at once???... more