Financing out of FHA to conventional?

[Ike Mouser]

I am looking at purchasing a 4plex that needs light-moderate rehab as my first property. I am purchasing it with an FHA loan. I will live in 1 unit and rent out the other 3. The FHA loan stipulates that I must own it for a year and a day before I can sell it. I should have it fixed up rather quickly with regard to that timeline and would want to sell it post cash flow and rehab sooner than a year. How much would it cost me to get out of the FHA loan and into a conventional loan so that I could sell sooner than a year and a day?

[Russell Brazil]

You are typically going to need to hold a loan for at least 6 months as well or you will be royally screwing your loan officer.