Multiple FHA Loans Advice

[Jeremy Mattson]

Hi All, 

I met with my local Credit union this week to discuss the possibility of getting another FHA loan. They informed me that If I moved out of my current duplex, I would need to refinance my FHA loan into a commercial loan. Is this true?? From my understanding and listening to the podcasts, you are able to have at least 5 FHA loans under your name.. as long as you stay in them (or intend to stay in them) for at least a year. Has anyone else had this issue?

Their commercial loan options are also awful... 3 or 5 year balloon, amortized over 30. 

Im hoping to cash-out refinance my renovated duplex for the down-payment on my next deal.

Thanks in advance!