Moving out of Owner-Occupied FHA property

[Cody Barnes]

Hello BP, I have been trying to find an answer to this question so now I turn to the forums.  My question is this:

If I move out of a FHA financed property after the 12 month requirement, do I need to do anything with the loan as far as refinance or update the terms or the like? The short term plan is to purchase a SFR or Multifamily property that I can house hack to decrease my living expense and save money for the next property. I will be going into this with my fiancé, the first property we're doing under my name and the next will be under hers. We will rent out the first property once we moved into the 2nd property. From there we will continue to save and work on acquiring the next property and build from there. My 5 year goal from the start is to be in a position to step down to part time at my job (the benefits are great and the work is rewarding).

Thanks in advance!

[J.R. Coffin]

I'd like to know the answer to this as well. I'm owner occupying right now and already got my eye on another opportunity upstate.