Refinance duplex from FHA to conventional

[Benjamin M.]

Hey Everyone,

I am closing on my first duplex next week. Super exciting! I am financing it with an FHA loan and am going to occupy for one year. I would like to refinance into a conventional loan after the one year to be able to get rid of the mortgage insurance once I reach 20% equity. Hopefully rates won't rise too much in one year. My questions are: Is there an occupancy clause with conventional loans as well? If there is an occupancy clause on conventional and I choose not to continue living in the duplex can I refinance as an investment property; what will that financing look like? Also when I refinance will I be able to pull my initial 3.5% out and use it on another property? Since this is my first time I am a lil confused about the refi process and would appreciate any help/feedback. Thanks!