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Can you have two FHA or what does it take to refinance an FHA as an investment loan?

My husband and I currently have a home through an FHA home loan. We have lived in the home for 9 years. We have two children of opposite sex and it is a two bedroom. We have outgrown the current home (not 25% equity due to housing slump). Additionally, my husband is now working 10 hour shifts in Menomonee Falls and although we would have to live in Milwaukee we would like to live very close to the Falls (53224 zip code). The problem is we may need to rent out our current property, but it is an FHA. Could refinancing it with an investment loan help? Can we have two FHA loans? Do we qualify for any exceptions? Is there a company that can help if we have less than perfect credit, but great payment history on credit lines for the last two years, with a very low debt to income ratio. Our scores are as follows: TU 625,608...Equi 557,583...Exp 533, 563. We are currently working with Lexington law office to get some very old things deleted and our names corrected on our reports. 
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April 07 2012 - Milwaukee
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FHA guidelines state that you have to be the primary residence of that property. You can do an FHA Streamline w/ No Appraisal. I am an affiliate with Lexington and they are great. They did an excellent job on my credit before I became an affiliate. Your doing the right thing. Your mid score is 557. So once you obtain a 620 you will be able to do a FHA Streamline as long as your occupying that address.

Also you will be credited some of your old PMI payment. When your going through the process make sure you get a copy of your HUD Estimate.
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April 07 2012
I just refinanced someone that has an FHA loan that use to live there and we refinanced it as an investement property, they have been renting elsewhere due to a job move for the last few years. They are now looking to buy a new home via FHA.  So they will have two FHA loans. You will need to get your scores up though. While getting old things off your credit it is also important to re-establish a new positive credit history.  I can make some suggestions.  Let me know if I can help.

Regards,
Brynn
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April 05 2013
There are some allowances for family size and job situation to possibly allow but I would say getting the score up would be the first priority to get the streamline done and then to look for options. 
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April 07 2012
 
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