Im confused on the 1 year rule

[Viral Jhayyy]

So with the new conventional loan coming next month and the fha loan which is already in place they both require you to  live in your house hack for 1 year before renting or moving out . So the question is if I have a triplex do i have to wait 1 year to rent out the other to 2 rooms to people or does the 1 year rule only apply to the room i am staying in . sorry if this question is confusing i dont know how to put it 

[Jason Wray]

Viral,

If you buy a 3 unit there is no wait to rent out the other 2 units if you plan to occupy one of the units. FHA does have a 12 month occupancy seasoning but you can refinance in less than 12 months to transition the loan into a conventional loan. Once you refinance you can transition the home into an investment property.

Keep in mind the occupancy rule is for the FHA loan not if you refinance the loan and change the program and loan terms. You can refinance any property once you have 6 month title seasoning. If this is confusing in any way message me or reach out to me and I can explain in detail.