Refi question FHA to Conventional

[Brian Scott]

Hello everyone,

My wife and I own a mutli-family home and purchased it in February 2022 for 495,000. We put 5% down using an FHA loan and currently have an outstanding balance of 450,063. We opted for the FHA so we could get into it with a lower down payment.

We have a PMI payment of about 300.00 per month.

We have put a considerable amount of money into the home to include a completely renovated 2nd floor 2 bedroom unit. Updated bathrooms on the first and second floor. A new kitchen on the first floor. New roof. New paver patio. New Driveway. New Garage door on detached 2 car garage. I am confident there is some considerable equity in the home. I am estimating my home is now worth at minimum 615k but think it could be anywhere from 650-700k

My current mortgage payment is 3324 (that with PMI). The second floor unit pays 2100/month for rent. That leaves me with the remainder 1224. I can rent my current unit for 3500/month. If I moved out today and was renting both units out I would be making 5600/month on rental income. Minus my current mortgage of 3324 the cash flow would be 2273.

I would like to get out of my FHA loan and into a 15 year conventional. I know my mortgage payment would go up the amount of rental income I receive should cover that new payment with their still being some cash flow.

I would like to get out of my current FHA so I have the option to use it for my next MF purchase (if that is even allowed I am not sure).

My question is what am I looking at currently for rates on 15 year refi conventional loans? Is this move worth it? Can I even use an FHA loan again after this one is converted?

Please advise!