Rent current home and move to new primary residence

[Matthew Jackson]

Beginner question here... My wife and I are looking to buy another home to live in, and rent out our current residence as a rental property. We currently have an FHA loan and have been living here for 13 months now. Do we need to refinance to a conventional mortgage before we can rent out our property, or can we keep an FHA loan?

Also new landlord advice would be appreciated as Im looking to self manage my first rental property!

Thanks!

[Chase Lowry]

If you plan on financing your next property using an FHA loan then yes. You can only have 1 FHA loan at a time. Refinancing will also knock off the PMI.

However, you can rent out a property with an FHA loan on it as long as you have lived in the property for longer than 12 months which you stated you have.