Can I assume an FHA loan and get the PMI dropped?

[Emily Hall]

I'm making an offer on a property (today, on a Saturday) with an assumable FHA loan with a killer interest rate (sub 3%!). I'm "assuming" I can even assume the loan to use the property as a rental (the seller has lived there for more than 1 year, so that 1-year requirement has been met, I can argue). I believe the seller's escrow portion includes PMI.

If I put 20% or more down, can I get the PMI removed without losing the stellar interest rate--meaning, can I get the PMI removed without having to refinance out of this FHA loan? Defeating the whole purpose of assuming the loan...

The loan servicer's assumption department wasn't open today to answer my questions; I want to get my offer in over the weekend. I know I can offer today and then find out for sure during my due diligence period. But I was hoping someone here knows the general answer. Thanks!