Refinancing an FHA 203k Loan

[Alejandra Tapia]

If I use an FHA 203k loan to purchase a home, I'm aware that I would have to occupy the home for a year prior to renting it out (generally speaking). However, I've read that a 203k loan can be refinanced after 6 months (into a conventional loan), at which point the appraised value of the home would be used in the refinance. My question is: Once the 203k loan is refinanced into a conventional loan, would that pretty much eliminate the 1yr-minimum requirement for an owner occupant?

Also, please correct me if I’m wrong on any other information I shared above.

-Alex