FHA loan was denied because we have FHA loan already for rental property?

We were denied an FHA loan because we have a FHA loan property we don't live in (rent out). We were told we could not have two FHA loans out at once and we would have to sell it first. But we owe 15k more than we can sell it for today. We had a bankruptcy 7 years ago. Our credit score and Debt ratio are... show more We were denied an FHA loan because we have a FHA loan property we don't live in (rent out). We were told we could not have two FHA loans out at once and we would have to sell it first. But we owe 15k more than we can sell it for today. We had a bankruptcy 7 years ago. Our credit score and Debt ratio are great. We were also told we cannot get a conventional loan because in 2008, we let go one of our forcloesed homes from the original bankruptcy that was in 2003. So now we have to wait 4 years to go conventional. Do we have any other options? This was to be a newly built home for about $220k and about 10k down. Could we do a construction loan? Would it make a difference if we bought a resale home? Any other opinions on how to get a second FHA loan? We don't want to wait another 3-4 years.
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