Hello Dave and welcome to Hoboken.
As the previous writer stated, YES you can get an FHA loan and own multiple rental properties. I work with several investors in Jersey City and Hoboken who have rental properties and still were able to get FHA loans.
To clarify, you can only have one FHA loan at a time. I am presently working with a couple who has an FHA loan on a condo and they are buying a 2-family brownstone. In order to do this, I am quickly refinancing the condo loan into a conventional loan (makes sense anyway with rates this low) freeing them up to buy the $800,000 multifamily with 3.5 percent down.
However, if you own rental properties, go over the scenario very carefully with your loan officer because the underwriters are going to scruntinize this carefully and will want to make sure that the property you are buying will be owner occupied -- and not just because you say so. It has to pass the common-sense test: i.e. If you own two four-family homes in the neighborhood that you rent out, why would you be buying a third one of the same type to live in? However, if you are purchasing a condo or a one or two-family home (in that scenario) then you are probably fine.
The limit on the number of mortgages has mostly to do with contiguous properties and the clarification of how this works is in the fine print of the HUD lending manual. I've personally never had anyone denied an FHA mortgage on that basis.
If you would like further assistance feel free to contact me. I've been in the mortgage business for 15 years and I have been doing FHA loans for that entire time.
201 741 5269