Can i refi an owner occupied FHA loan to conventional loan?

[Matthew Miller]

I want to buy a 4 unit home and live in one unit while renting out the other 3. But later on down the road, i want to purchase another home using an FHA loan to take advantage of the low %3.5 down payment. Will it be possible to refinance the original FHA loan on the first home to a conventional loan to drop the PMI? Also from what i understand, i would only be able to have one FHA loan at a time, so for my plan to work i would need to be able to refi to a conventional, correct? Thanks for any feedback.

Matt