FHA to Conventional Loan

[Matthew Hille]

I purchased a duplex in Minneapolis with a FHA loan June of 2015 that I owner-occupy. I've had an appraisal recently and have hit 80% LTV and since rates are still low I've been thinking about refinancing into a conventional mortgage to drop my PMI. The question I had when speaking to the mortgage broker I used on my FHA was that if I refinance into a conventional and for some reason I end up say taking a new job in another state will there be any repercussions (note that I don't have any plans to leave the state, just wanted to cover my bases) if I rented out both sides and moved it to a property manager? She stated that the mortgage holder could call the loan due because it is understood to be my primary residence or they could ask me to refinance the property into an investment property loan. Can someone please help me clarify if anything will happen if I end up renting both sides of a rental property on a conventional loan, if I happened to have to leave the state?

[Carl Petterson]

If you have intent to live there now, and actually live there for a bit, I think you're probably fine. After 6 months they aren't going to be checking the windows to make sure you still live there. Life happens and people move around. it's about intent to stay now, which it sounds like you have.