Yes. FHA only loans on owner-occupied houses, so one cannot use the FHA loan to buy a house that is meant initially to be investment property, but people move, lives change, and sometimes, it makes more sense to rent the house than sell it when circumstances require one to leave. If it was less than a year ago, be sure this is a legitimate change of circumstance. That being said, you absolutely cannot use FHA for more than one mortgage at a time, so you would be obliged to go conventional for the next owner-occupied house. Conceivably, you could use that one as a rental, but the lender will want to know up front which purpose you have in mind - they have greater risk on rental property, and will most likely charge a higher interest rate than for an owner-occupied house..