Refinancing Out of 203k

[Evan Manship]

I am currently in the market for a 4-unit building for which I would like to utilize an FHA 203k loan to pump equity into my property while I can lease out three of the units and live in the fourth.

I am excited about the ability to build value into my property but I am not thrilled about the additional mortgage insurance (PMI) payments.

My question is - so long that I satisfy the LTV and underwriting criteria of my lender, how soon after repairs are completed on my FHA property could I refinance into a conventional (or other) loan product? I am not wanting a cash out refinance. Only want to get away from the PMI and other red tape that FHA entails.

What other speed bumps may I run into?