I don't see why not. You're only allowed one FHA loan at a time. Always check with your lender or mortgage broker to see what you qualify for though. Better to ask the SME, then joe smoe (me :) )
There are different kinds of FHA loans. The most talked about is the 203b, which is intended "To provide mortgage insurance for a person to purchase or refinance a principal residence".
Assuming that's what you're talking about, I've been told multiple times by mortgage brokers and sales agents that owning investment real estate doesn't prevent you from getting the 203b loan in the future.
Keep in mind, that the key is "first time home buyer" not "first time mortgage borrower". So even if you bought a primary residence all cash you'd be disqualified from the 203b.
You may also want to check out the FHA 203k if you're into rehabs. From their site:
"FHA's Streamlined 203(k) program permits homebuyers and homeowners to finance up to $35,000 into their mortgage to repair, improve, or upgrade their home."
@Christopher Stanis It will depend on how the SFH is financed. As PR or R. If it is financed as R, then you should be fine. I would also recommend that you have a tenant in the SFH before you apply for the FHA loan, that way you might be able to use the rental income for your DTI.
Upen Patel, Mortgage Banker
National Lender, Federal NMLS# 1374243
Thank you guys for the input!