Moving - Keeping Old House as a Rental

[David Hussa]

Hi all,

I purchased my first home which is a 4 bed and 2.5 bath townhouse. I am currently renting out three of the rooms which covers the full mortgage and I live in the 4th room (So house hacking). This was done with an FHA loan with 3.5% down.

I am interested in moving out of this house into a smaller home, while keeping it as a rental. The house is in Northern Virginia where rents are high and I would have a substantial cashflow if I rented all 4 rooms. 

I read online that it may be possible to qualify for a second FHA loan under certain circumstances such as relocation. What would be the pros and cons of doing something like this? To me, it sounds like a no-brainer but I am also new to REI. Please let me know!

Thanks,

Dave