PMI Question Regarding Undervalued Home Purchase

[Will Dennis]

The following scenario is a hypothetical one, but one I have been pondering for some time.  I look to hearing your answers!

My question pertains to PMI requirements following the sale of an undervalued property. In this hypothetical scenario, the new property owner (myself) decides to purchase a property for $100,000 on a standard 30 year mortgage, with $10,000 down, which is obviously less than the standard 20% down payment that would alleviate the need to pay PMI. Let's say I have the property appraised following the sale, and it appraises at $150,000. Can I refinance the home with no PMI required, since the equity covers greater than 20% of the purchase price?

Thank you all for reading and replying in advance!

Will