Refinancing out of FHA?

[Clay Manship]

Attention all lenders and know-it-alls:

Are there any parameters that prevent you from refinancing out of an FHA loan? That is, once that FHA loan is originated and closed, is there anything that would prevent me from walking across the street to a different bank and having them refinance into a conventional mortgage? Or does the equity simply have to be in the property in order to do so?

Thanks in advance.