Refi out of FHA house hack after moving states
We moved out of state last fall. Our first purchase and first house hack was a duplex in Northeast Indiana. We moved to Illinois right at the one year mark because my husband's job transferred us. We are renting in IL now and was wondering if we are required to refi out of our FHA loan. If not required is there a benefit to doing so?
We only put down 3% on a $67k purchase price and have not been making extra payments so there is no equity to pull out. I just want to make sure we are doing the right thing.
We had a lender tell us once before if one has to move because of a job transfer or some other reason outside of their control there is no penalty if the move occurs within the first year of the FHA. We have paperwork from his employer of course but is this a true statement I heard from this one lender?
Thanks BP!