Can I rent out a house purchased with FHA or conventional loan?

[Sergey Mikhaylyuk]

Hi everyone! I'm about to close on my first home. I was going to buy this home as my primary location, but now I don't want to live there. I would rather rent it out and keep looking for a different house for myself. It too late for me to walk away because seller would keep the earnest money which is a lot ($5000). I talked to my mortgage broker and she said I can't renting out a house if i buy it with the FHA or conventional loan and I have to live there for at least 1 year. I have an option to buy it either with FHA 5% down or conv. 20% down, I'm still thinking which one should I choose.

I'm kind of stuck here because if I buy this one I would not be able to get a preaproval for a second house unless I rent this one out, I guess. To get an investment loan wouldn't make any cense because it wasn't a good deal at the first place and with higher interest rate it won't get any cashflow.

Any suggestions on that?