FHA if I own inherited property?

[Uuri Koh]

I inherited a property and I am paying the mortgage which is in the estate name while I live in it and am doing the probate in pro per and am planning to renovate and rent it. In the meantime I'm educating and preparing myself to buy my first SFH. I am getting close to having a decent down payment ready for my purchase goals, and I can probably do even better with FHA. If I complete the probate first the property will be in my name, so will I still qualify for FHA? If not, should I try to delay completing my probate and buy the SFH with FHA first? It seems as if having the inherited property in my own name is one of the best assets I can have when applying for a mortgage loan but will that make me unqualified for FHA?