I have a question similar to the asker:

I have purchased a place with a FHA loan and I am intending to live in it but I would also like to rent out the extra rooms in my place, will that okay?

That's fine, but here's what you want to do to prepare yourself for the future if you decide to buy later: Have the renter pay you with checks. This will allow the renter the ability to buy from you later because he/she will have to show 12 months cancelled checks for rental history. Also, transfer utilities to his/her name so that if they stop paying it doesn't affect you. Make sure that the utility companies notify you of nonpayment. When you draw up the rental contract (can obtain from office depot), have an attorney look it over once to make sure there are no escape clauses, or obtain a management company (they usually charge up to 15% of the rent). Make sure you set it right that the renter must make repairs to the house and will be credited back on the rent. This keeps them from calling you at 3am to fix the toilet. You'll also want to make inspections of the house every now and then to make sure they are keeping the house in satisfactory condition. take before and after pictures. Get their social security number and 5 references in case you have to place a lien against them. Don't rely on anyone for any reason. Get enough deposit for 3 payments if possible.

Go ahead and rent it. You won't have a problem with FHA.