FHA loan after 12 months
Hi,
I have several questions regarding FHA loan.
Q1.
As my understanding, if I acquire primary residence with a FHA loan and live there for a year, then I can move out and rent it out under HUD's approval.
=> Is there any conditions to satisfy to get HUD's approval for renting or can I assume it is somewhat guranteed?
Q2.
If I need to finance my next primary residence to move out from the old one with FHA loan. What kind of options do I have?
=> For examlpe, in the year one, I probably still have less than 10% equity in my old residence with FHA loan since I put down 3.5% when puchasing. In that case, if I apply for a conventional loan for the next primary residence with 3-5% down, would the lender allow it?
Regards,