I'm currently in my primary residence with an FHA loan. I'd like to refinance for a better rate (as I can likely get it down at least 1.5 percentage points or so). I also intend to ultimately use this house as an investment property when it's time to move out.
There's an outside chance that I may have to move out much sooner than anticipated (potential out of state job opportunity) -- on the order of 3 - 6 months, likely.
I know FHA loans are intended for first time homeowners in their primary residence. I'm concerned about refinancing my FHA loan, but then having to turn around and leave. Will I be in some of violation of the loan terms? Initial research suggests that properties with an FHA loan must be the primary residence for a year before being able to move out. This concerns me.
I'm basically trying to figure out my options. My intention is to go through a mortgage broker to find the best refinance options. But I also know that streamline refinance of FHA loans are an option. While I'd prefer not to do that (would rather go with a different bank), it may allow me more flexibility. I also know there are possible exceptions if the reason for moving out is a job relocation.
Any insight is welcome. Let me know if you'd like any other information!