Can I refinance my 15 year FHA loan into a 30 year conventional?

[Jordan Wells]

My wife and I purchased our first property (a duplex) in September of 2018 using an FHA loan. We discussed the pros and cons of the 15 vs 30 year options, and decided to go with the 15 year. At the time, the difference in the interest over the course of the loan was very important to us. However, now our goal has shifted more toward increased cash flow. We have since bought a single family rental on a 20 year term, and have seen the difference that the extra cash flow can make towards new deals. We knew eventually we would refinance out of the FHA to a conventional to avoid the lifetime MIP. However, my question(s) are:

1.) Can you refinance from a 15 year FHA loan into a 30 year conventional loan? (To reduce the monthly payment)

2.) If so, can you do this without having 20% in the property? (aka would we have to wait until we have closer to 20% equity in the duplex?)

3.) Would this be a reasonable thing to do considering our desire for increased cash flow?

I'm aware that we would have to play for closing costs, an appraisal, etc, but am I missing anything else here? Any input would be much appreciated. Thanks in advance.

Jordan