FHA generally prohibits someone from having more than 1 FHA loan, but it allows some exceptions.
You can have more than 1 FHA loan under a few situations:
1. Relocating to a new area not within reasonable commuting distance from their current principal residence (doesn't need to be employer mandated).
2. Increase in family size to where the present home no longer meets the number of legal dependents needs, you also need 25% equity in the departing residence with an FHA loan.
3. Vacating a jointly owned property, like in the situation of a divorce where one spouse remains in the home and the other moves to a new home.
4. If you co-signed on someone else's FHA loan, then you can get an FHA loan to purchase your own home... like if you co-sign for your children's FHA loan, you can get your own FHA loan afterwards.
If you are using a conventional loan to purchase, then none of the above guidelines apply. However there are additional guidelines (by both the mortgage lender, and with less than 20% down then also the PMI company) on what the qualifications are - mainly in the amount of financial reserves (i.e. checking, savings, retirement, etc.) you would need. It's possible to put just 5% down (or even 3% down) on the new purchase with conventional financing, regardless if you already have a home you plan on keeping, or not.
Shane Milne | Lending in all 50 states | NMLS #81195