What are some financing options?

[Justin Coleman]

Hello,

We purchased our first home in Milwaukee, WI a few years ago using a FHA loan but we are looking into moving to the DFW Texas area possibly next year. I considered keeping our current house in Milwaukee to turn into a rental to generate cash flow and obtaining another loan for a house in Texas.

1. What kind of loan options would be available already having an outstanding FHA loan?

2. How would my first loan affect obtaining the second loan for my primary residence? I’m assuming I would not qualify for the same amount on a second loan based off the debt of my original loan?

Sorry I do not have a great understanding yet but I am learning as I go. I’m interested in finding out if this is even a reasonable idea or if I should wait on obtaining a rental until I am settled in my primary residence.

Thanks for any input!