Rent first home, buy another

[Jared Jones]

Morning all,

My home is on the market in Randolph, MA for 375k. We owe 219k on it, and also have a 32k home equity line of credit we used to make upgrades. The house is taking a bit longer to sell than I expected (on market for about 2 weeks now, maybe I'm overzealous), but got me thinking...how could I potentially keep this one, rent it, and still buy a SFH for my family and I, south of Nashville, TN. We have an FHA loan on this one, so my first thought is we would need to refinance out of that and into a conventional. Then I could look at an FHA loan on the next home where we would actually be living. Initial thoughts? Especially from those who have done this.

Jared