First Home, and House Hacking

[Raul Mena]

I currently have a mortgage that was financed through an FHA loan. I've seen recommendations suggesting it may be beneficial to refinance to a conventional loan after a year. I've lived in my property for three years now and am considering renting out one of the rooms.

My main question is whether it makes more sense to convert to a conventional loan or stay with my FHA loan. I still plan to rent out a room regardless, but I want to explore whether refinancing could help me manage the property more effectively and maximize my return on investment (ROI).