Refinance From Fha to conventional so I can rent

[Darryn Oliver]

Im looking to refinance from my fha to conventional loan so that I am able turn my primary residence into first investment property. I have already fufilled the 12months as my primary residence as fha requires. Does conventional loans require me to live there a certain amount of time before I can rent the property?

[Wayne Brooks]

@Darryn Oliver If you have already lived there for the required one year, you do Not have to refi out of the fha to turn it into a rental...you are good to go after your one year.

If you Do decide to refi into conventional at some point, if you don’t have 20% equity you will Still be getting an owner occupied conventional loan, not an investment loan, so you’d have to live there another year.