All Forum Posts by: Marseille Agriam

@Marseille Agriam yeah, you can certainly move out and rent the property.  12 months is what most "primary loans" require you to occupy the property for.  Once you have lived in the property for 12 months, you can move out and purchase another primary home with a loan.  Now, the cash out refinance thing is a different question - I would bet that your current rate is rock bottom.  So you might be a little shocked to see what you might get now.  So get prequalified with a lender and that will tell you what you need to know on that step.  Thanks for posting!

If you are still living in the property then The loan status would not change. FHA requires owner occupancy for 12 months. So if you don't refi into FHA you should be good. And refinance would depend on how much you owe now, how much you can pull out, will market rents cover your expenses with higher mortgage payments. And the kind of return you can expect to get from the monies you pull from the property. Figure out your return on Equity, would it be better for you to sell than refi?.