Refinance My FHA Loan to Obtain Another FHA Loan?

[Jean-Paul E. Gagnon]

Hi folks,

I just moved into a duplex as a house hack in February. The plan was to live here for the required two years, then obtain another FHA loan and move into my next duplex.

I just got cold-called from Quicken, however, and realized if I refinance with them, then I could:

1. Save $130/month on P and I, and 

2. Be free of my FHA loan and begin looking for my next hack.

Is this possible? Will I be penalized by the FHA for refinancing so soon? Will I be barred from future FHA loans because I did not stay for the required 2 years? Can I really just refinance out of an FHA in just six months and obtain a new one?

This would certainly accelerate my plans for financial freedom!

Any knowledge/wisdom/experience you can offer would be greatly appreciated.

=)