FHA on a foreclosure should I refi into conventional?

[Landon Kemp]

I purchased my house just over a year ago as an investment knowing we would not be here long.  Since that time the values in my area have increased a substantial amount and because I got in at a very low price for the location I feel like I could save myself some money by refinancing into a conventional loan with the amount of equity I have now.  Is this a good idea if I don't plan to stay in the house long?