There is one circumstance where it may be possible to buy a second home with a government-backed mortgage, which is when you intend to use your new home as your primary residence. However, keep in mind that in most cases you are limited to having one VA, FHA, or USDA loan at a time. This means if you bought your current home with a government-backed mortgage and you are still paying off that loan, you are unlikely to qualify for a new government-backed mortgage to buy a second house. Conventional loans do not have these restrictions. You can often qualify for more than one conventional loan at a time.