FHA Loan - Renting out in first year?

[Tyler Nuss]

Hi there!

I'm considering purchasing a primary residence in San Diego. I currently live and work in the Bay Area. My thought was to purchase, rent out for a year or so, and then ultimately move down to live in it.

Do I have any ability to buy it with an FHA loan? I know it should be my primary residence, but I'm wondering if there is any workaround/exception. For example, if I live there the majority of 2019, but not in 2018 (purchase in May 2018), is FHA possible?

Also, important to note, I could put 20% down, just not sure if it makes most sense to put it down if there's a better financing option.

I'd appreciate any feedback!

Thanks!