FHA multi family house hack

[Chad Simpson]

All right, so I have a question in regards to an FHA loan with a 203K loan. If say, you were going to buy a Multi family property that needed work and I had that done with the 203K loan. Then, once all the work was done your equity in the property was more than 20% could you then re-finance with a standard fixed rate loan, Pay off the FHA loan info, and then get another FHA loan with a 203K loan? I know looking up some information you can get another FHA loan if you pay off the former FHA loan. The only thing that I'm wondering about is whether there would be some laws against doing something like this. Also, I know that with an FHA loan it has to be your primary residence for at least a year, but would that still apply if you paid off the loan and got a fixed rate loan?