[coinqueen2]

...conventional loan so I can rent out my house and buy a condo? I bought my house in 2007 with an FHA loan. I believe the terms of the loan state that the house must be my primary residence for 5 years before selling it or refinancing. I would like to buy a condo and relocate to New York in the next 3 years. I'm saving money to do that and working on other aspects of planning (job, etc). I want to rent out my house, but due to the stipulations of the FHA loan, I can't just go renting it out all willy nilly without getting in trouble (with the IRS or with the state that gave me the money). Is it wise to refinance the loan from an FHA loan to a conventional loan and then rent it out? I did some research on this, and it seems that my PMI should be paid in full within the 5 year period, but I may get charged for the refinancing, and possibly a penalty from FHA. Or should I just sell the house, buy another one with a conventional loan and rent that one out instead? Either way, I'm considering having two properties, a primary residence in NYC and a rental property in my current state. Thanks for the help!Are the terms the same for a CDA loan?