2nd FHA mortgage - 3.5%?

[Michael M.]

I currently own a home with an FHA mortgage in the Bronx, NY. It is a 2 family home and I live in the home.

I want to refinance to get rid of PMI, get rid of FHA, and tap equity to buy a second multi-family home in the same neighborhood with a new FHA mortgage.

A few questions:

1. Once I have refinanced, does this mean that I can take out a new FHA loan because I no longer have an FHA loan open?

2. If I can take a new FHA loan, will I only need to put down 3.5% to buy the new home (I would use the home equity loan for down payment)?

3. Can I move into the second home from the first home to make it my primary residence and use my current home as an investment property even though the second home is in the same neighborhood (since I am not trying to take out two FHA loans at once but one after the other)?

Thanks in advance for your help!