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Updated over 6 years ago,
Using FHA for "primary residence" and later renting it out?
I understand that FHA loans are only allowed to be used on a primary residence, so I'm wondering if there's anything illegal about getting a 3.5% down FHA loan and moving into the property, then eventually moving out and turning it into a rental. I wouldn't be surprised if someone could successfully do this and get away with it, but I would like to know if this is actually illegal. I don't want to break any laws or official rules.
Anyone know how that would work? Would you somehow be made to refinance upon moving out?