Renting a home that is considered owner occupied

[Casandra M.]

I've seen similar questions to my situation, but nothing that I feel gives me a "solid" response.

We have a 15 year fixed FHA mortgage on a two unit in Southern Wisconsin, that is considered "owner occupied". Our one year is up on living at the location, and my husband and I are now purchasing a single family home to move into. We will be renting out both units on the old property (for the past year, we lived in one unit, and the other was rented out) after we move. We are upgrading our home insurance to reflect that the old property will be a rental property, and it was brought up that we might have to declare that old property as an investment property.

My question is: Do we have to reclassify our mortgage as a rental property, if we did fulfill the one year owner occupied clause? Would this force us to have to refinance our old property into an investment property, before we rent out the second unit and move?

Any input would be greatly appreciated. If anyone needs additional information to help answer, let me know!