Q: Must a new or existing home have a stove in order to be eligible for FHA financing?

Neither a new home nor an existing home has to have a stove in order to be eligible for FHA financing.
Handbook 4905.1 REV1, Section 2-5'

Q: Will FHA insure properties with large acreage or excess land?

Excess land is defined as the area that exceeds the size of typical lots in the neighborhood AND is capable of a separate use. Generally, the excess portion of land can be subdivided and marketed as an individual parcel. However, in small communities and outlying areas, appraisers must use different criteria because the market may accept a wide variance in lot sizes. If the plot contains excess land, the appraiser should describe it but not value it. In this instance, the appraisal is based upon a hypothetical condition. A legal description of the portion being appraised is required. The lender will require that the excess land be excluded from the mortgage security.
Handbook 4150.2 REV1, Section 4-4 and 4-5A2; HOC Reference Guide (1-17)

Q: For an FHA loan, are automobile allowances considered effective income?

For automobile allowances and expense account payments, only the amount by which the borrower's automobile allowance or expense account payments exceed actual expenditures may be considered income.
The borrower must provide IRS Form 2106, Employee Business Expenses, for the previous two years to establish the amount of income that may be added to gross income.
The borrower also must provide verification from the employer that these payments will continue. (If these calculations show a loss, that amount must be treated as a recurring debt. If the borrower uses the standard per-mile rate in calculating automobile expenses, as opposed to the actual cost method, the portion that the IRS considers depreciation may be added back to income.)
Additionally, the borrower's monthly car payment must be treated as a recurring debt; it may not be offset by the car allowance.
Handbook 4155.1: 4.D.2.l

Q: Can I rent my current home and use the income to qualify for a new home using FHA?

Due to FHA's concern that some homebuyers in these transactions may attempt to provide misleading information regarding the rental income of the property being vacated to qualify for the new mortgage, FHA is instituting underwriting guidance designed to assure that the homebuyer can make payments on the full debt service of both mortgages.
Beginning with case number assignments on or after September 19, 2008, and until further notice, the underwriting analysis may not consider any rental income from the property being vacated except under circumstances described below:

Rental income on the property being vacated, reduced by the appropriate vacancy factor as determined by the jurisdictional FHA Homeownership Center (see http://www.hud.gov/offices/hsg/sfh/ref/sfh2-21u.cfm) may be considered in the underwriting analysis under the following circumstances:

Relocations: The homebuyer is relocating with a new employer, or being transferred by the current employer to an area not within reasonable and locally recognized commuting distance. A properly executed lease agreement (i.e., a lease signed by the homebuyer and the lessee) of at least one year's duration after the loan is closed is required. FHA recommends that underwriters also obtain evidence of the security deposit and/or evidence the first month's rent was paid to the homeowner;

Sufficient Equity in Vacated Property: The homebuyer has a loan-to-value ratio of 75 percent or less, as determined by either a current (no more than six months old) residential appraisal or by comparing the unpaid principal balance to the original sales price of the property. The appraisal, in addition to using forms Fannie Mae1004/Freddie Mac 70, may be an exterior-only appraisal using form Fannie Mae/Freddie Mac 2055, and for condominium units, form Fannie Mae1075/Freddie Mac 466.

This applies solely to a principal residence being vacated in favor of another principal residence and is not applicable to existing rental properties disclosed on the loan application and confirmed by tax returns (Schedule E of form IRS 1040). If the property being vacated had a mortgage insured by FHA, eligibility for a second FHA insured mortgage can only occur under the exemptions described in handbook HUD-4155.1 .
Handbook 4155.1: 4.E.4.a , 4.E.4.g, 4.E.4.h