No, FHA is not reserved for first-time home buyers. FHA loans are also available to repeat buyers. However, an FHA loan can only be used to buy a primary residence (one you'll live in). Repeat buyers cannot use an FHA loan to purchase an investment property. But first-time and repeat buyers alike can use an FHA loan to buy a 2- to 4-unit rental property — as long as they live in one unit while renting the others.