FHA Refinancing Questions

[Christopher L Barnes]

I want to use an FHA loan to purchase a nice brick four unit near the University of Nebraska in Lincoln Nebraska. I used the FHA loan program to buy my first single family home in Ralston, Nebraska back in May of 2016 and I currently use that house as a rental. I love the idea of the low down payment with FHA loan, but I know I can only have one FHA loan at a time. What's the best way to go about refinancing my Ralston rental house out of the current FHA loan an into a conventional loan so that I can use the FHA loan program to get into the new quad that I want with a super low down payment? What's this going to cost me to do the refinancing? What do I need to know? I've never done any refinancing. Any help or insight on this matter would be greatly appreciated.

Warm regards,

           Christopher