Can I turn my investment into my primary residence?

[Jennie Huynh]

Hello All - I have tried to goggle and even searched on BP the topic of converting the your investment property into a primary residence and I can't seem to come across something close to my question.

Here is my situation:

I bought my primary residence in April 2012 for 270K from Homepath and I put in 30K in renovation. After a year of living in this property , I refinanced (closed on 1/21/14) cash out to buy an investment property. My new mortgage and escrows on this house is 2080 a month and also the house is too big for my little family. The average rent in this neighborhood is rented around 2.3K - 2.8K, potentially giving me a cashflow of about 500 a month if rented it out.

Right now, I am under contract on an investment property with the estimated mortgage & escrow of 1.5K a month and a perfect size for my family :)

I want to move into the rental property but my husband wants to wait until we met the 1 year after the refinance.

So it is legal to convert your investment to primary? If so, can I refinance the investment into primary residence to get a lower interest rate?

Sorry for the long post!!! :)