House Hack...cut short

[Amy Xu]

I bought a duplex using an FHA loan which I am now living in one unit while renting the other out. Not even 3 months into living in my first home, my work decides to relocate me. Since the relocation is over 100 miles from where I work now, this is okay by FHA standards to sell the home before one year. Problem is I don't want to sell the home. My original plan was to live in the home for 1 or 2 years and refinance to a conventional loan so I could use FHA on the next home and keep the duplex as a rental. What options do I have without having to sell? Can I keep the duplex and just rent a place near my new work location until I have enough down payment for another home? Or can I refinance the home now? I was at 13% equity at purchase and did make some minor home improvements but not sure if it's wise to refinance now?

Any advice is appreciated!

[Amy Xu]

Originally posted by @Mindy Jensen:

@Amy Xu , the FHA requirement of living in the home for 1 year is based around intent. You intended to live there for a year, but work had different plans.

You should document all of this, should you be questioned at a later date. 

You don't need to sell the home. You could buy a new one in the new location, too although I don't know if FHA would be available to you. Is it a short-term move or are they planning on you being there permanently?

I'm tagging @Chris Mason who isn't in your area, but knows a thing or two about FHA rules. Chris, does she have to sell? Can she get another FHA since she's moving more than 100 miles?

Amy, how far away are you moving?

@Mindy Jensen Wow thanks for commenting Mindy! A real honor, I love your articles! :) This relocation is a permanent move to Washington D.C. which is around 200 miles.