Househacking: Convert an FHA owner-occ to non-owner occ rental?

[Alexander Kostrubiec]

Hello everyone. So, I am a Mortgage Loan Originator. I knew about the concept of househacking before I even knew that the practice fell under the umbrella term of "househacking", which I just learned today.

My question today is this: If you were to take out an FHA loan and househacked an owner-occ 4 flat and payed off the PITI in full, would it be possible to be able to convert this said property into a non-owner occ investment/rental property, refinance the property and pull out equity to use to take out another FHA loan on a 4 flat owner-occ to househack?

I'm sure that you could do this with a conventional mortgage, but I am specifically inquiring regarding an FHA loan, because I know that you can only have one outstanding FHA loan at any given time.

Thanks for reading!