Yes they are but you have to meet specific requirements particularly if you absolutely need the rental income to qualify.
If you currently have an FHA loan, you cannot obtain another FHA loan. That means that Fannie Mae guidelines for conventional loans apply. If you want to count rental income to offset your present mortgage payment, you must have at least 30% equity in the property you are converting. They would require probably an exterior appraisal on that property that is no more than 2 months old to determine your equity. Then you need to show a fully executed lease agreement and the receipt of a security deposit from the tenant must be verified into your bank account. Even if you met that requirement, the lender would only use 75% of your rental income as defined in your lease agreement. If you donâ€™t meet those requirements you will need to qualify with BOTH mortgage payments without any rental income.
If your existing loan is not an FHA loan, then you can apply for an FHA loan for the new property. The procedure will be the same but instead of 30% equity you need to have 25%. However, with FHA you have another alternative to the 75% equity. If you are being transferred by your employer to a distance that is too far to commute, you may be able to get away with not having 25% equity and still being able to count rent income under the terms above. This assumes that you have good credit and are current in your existing mortgage. Guidelines change constantly and each lender interprets them with more restrictions than others but this is basically what they say today.
Without any financial information--if interested in purchasing another property, do visit with any qualified loan officer(s); after reviewing your overall financials, debt, credit, etc., he/she can make a determination on qualification, or what can be done in order to qualify--your loan officer will best advise...