FHA Refinance

[Bart Charkow]

Hi all! New to this forum but not new to forums in general! 

Let me start off by saying I've searched the forum and haven't found an answer to my particular question. Here it goes!

I bought a legal 2 unit multi-family home here on Long Island where I have taken residence in the upstairs apartment and have rented the lower 1st floor unit. I was able to take out an FHA mortgage for the property. What I am wondering is what are my options in regards to refinancing the FHA loan to reduce the monthly mortgage? This will certainly not be my final residence (I am 28 years old) therefore I am willing to reinvest a bit of my cash flow back into the home so that I can reduce the difference between the rent that the tenant will pay and the balance on the mortgage. I have read I can refinance to a conventional loan under certain stipulations or streamline. I would like to do so as I plan on keeping this multifamily unit for quite some time while saving up for my next multifamily property. Can someone explain the options along with the pros and cons? Can I also pull another FHA loan for the second multifamily or must it be must it be a "first time purchase"? Thank you in advance for the advice and information! I can't wait to become more literate in the real estate industry! Thank you!