Refinance from fha to 5% conventional

[Luke Treacy]

Looks like I’m about to have my offer accepted on my 3rd property. My first 2 were out of state conventional 20% down earlier this year. This time after reading the book on low and no money down I have decided that since I’m currently renting it was time to get my own place, not to mention my fiancé and our 2 year old need it! Going fha on a 2 flat with garden and giving house hacking a try.

Got a bit of a way til we close, but wanted to run an idea I have by the forum and see if it is actually possible. Let say we close and I’ve been in the property for a year , value goes up to where I now have 6% equity. Am I able to

Refinance into a 5% conventional? I was told that my income is to high to do the 5% conventional up front. What I was hoping to do is once I had enough equity in the unit was to refinance into conventional and then go back out and get an multi via fha and rinse and repeat that process over the years to come.

Thoughts? Suggestions? Any insight is appreciated.