How to get rid of PMI, bad credit, no income proof, on time mortgage history

[Mohit Madaan]

A very close friend of mine bought a house in 2010 in Stockton, CA area for $330k and i think he got 95% mortgage, so he obviously had $400 or so PMI, mortgage payment stands around $2700. (I couldn't be wrong on some numbers).

Now, the house is showing at $450k according to Zillow and even this friend of mine thinks its worth at least $430k or so.

He is self employed and last couple of years has been just bad experiments in business, so no real income. He has been living on his savings and paying his mortgage always on time.

So couple of questions

a) Can he refinance to get rid of PMI?

b) Does he have to have income proofs to get this sort of refi done?

c) Any chance of using equity to get cash out without PMI, the plan is to use cash out for REI?

Thanks a ton in advance.