FHA Loan Questions

[Matt Woror]

Hi,

3 Years ago I purchased a 4plex and have owner occupied one of the units since then. I purchased the property with 3.5% down using an FHA loan.

Now, I would like to purchase another property, as I'm quickly outgrowing the apartment in my 4plex. Two years ago I refinanced the FHA loan from a 6.75% to 5%.

I would like to keep the property I currently have, rent it out, and purchase another 4plex in a nicer area of town which has larger units.

Can I refinance OUT of the FHA loan I currently have into a conventional? Then can I FHA loan and owner occupy again? So I would only have to put 3.5% down on the new property?

Thanks,