FHA Vs. Home Possible

[Daniel DiCosimo]

I am looking at the details on FHA and Home Possible loans. From what I gather, Home Possible beats FHA in regards to the MI premiums dropping after 22% equity is reached. But I am a little confused on the owner occupancy rules for both.

I see a lot of people use FHA, live in the unit for a year, and then move on to the next one. Does anyone know if the same is possible with Home Possible?

Also, do any implications present themselves when you change a property from your primary residence to a investment property under a FHA?