Cash Out Refi??

[Luke Carl]

Just purchased my second investment property (first in my name). Permanent residence is worth just over 200,000. I owe 150,000. I've lived here 3 years paying PMI on an FHA and the equity has come from increased property value. (Purchase price was 166k) I've read that cash out refis only allow 80% of property value is this true? 200k X .80 = 160,000 -150,000 This means I could only take out 10,000 and that's not enough for another down payment which would be my goal. Is my math correct? Are the other options for me? Should I take the 10k and add too it until I have down payment money (25k+-) or just do the refi to get rid of PMI and save the equity and find down payment money elsewhere??