Should I refinance current home to use FHA to buy multi family?

[Aaron Bihl]

I’m looking for some advice and ideas. I want to buy a 3-4plex to house hack and hope to use FHA to purchase it due to the low down payment. I have a single family home that current has an FHA mortgage that I would need to refinance in order to get another FHA. The numbers with the refinance are difficult due to higher rates. I would be able to get out of PMI but every option I’ve been given increases my mortgage payment. Some of the numbers are below, I have about 25k to use toward a down payment and my credit score is 720. I am hoping to get some ideas on the best way to go about it. Current mortgage: 1250/month FHA 5-1 ARM (3 years in) Refinance option 1: 30 year 5.875%, 1400 closing costs, 17k cash out, 1440/month Refinance option 2: 30 year 4.625%, 7300 closing costs, no cash out, 1258/month Refinance option 3: 30 year 5.25, 3500 closing, no cash out, 1307/month Thanks for your time, I appreciate your help! -Aaron