Advice on refinancing and selling half of property.

[Jimmy Holman]

In August 2015 my wife and I purchased our home here in Murfreesboro with a FHA/THDA loan. The property is 1/2 acre, with 1/4 being an empty corner lot. My original plan was to build a duplex on the empty lot to rent, but due to our current financial situation, I'm thinking we would be better off to just split the property up and sell it.

My question is, is this even possible without refinancing? Because to my knowledge, our types of loans don't allow for renting or selling without a penalty. 

I'm a complete newbie in the real estate world, so any advice is appreciated.