Intent to owner occupy?

[Teron S.]

Hello BP,

I'm looking to buy a multi-family home within the next 6-8 months. My question is after living in the home for a year or more, if I receive a job offer in a different state, decide to have less unit because of the noise, or just want to buy a bigger/smaller home am I allowed to move and take another loan out(FHA and or VA)? Would I have to sell the home first or could I just rent it out? Life happens and I don't want to be stuck in a neighborhood for 30 years if I have different opportunity pops up elsewhere as in a job or if I want to down size or up-size to a new home.

Any help would be appreciated. Also I would love to hear from people who have done this as well.