Refinancing FHA Loan

[Cole Britting]

Can you refinance an FHA loan without an 80% LTV? I know that is the general rule of thumb, but I am wondering if there are some exceptions. I know there are conventional loans where you can have a low down payment (around 5% I believe) with good credit. Is the case the same with refinancing?

The situation I am thinking about is house hacking for a second time. Since it is rare that you can have multiple FHA loans at one time, you would need to refinance the first one or get a conventional loan for the second one. And if you haven't built up enough equity or can pay a chunk of your mortgage, then it seems like you are kind of stuck.

Any thoughts on this?

Thank you all and hope everyone is staying safe!