[CL]

...purchased 3/2010? We purchased our house in March 2010 with an FHA loan at 4.75% with PMI of course. Our lender (in the bus for 20 years and financed us the first time around) just called us yesterday when the rates dropped to let us know it's time to lock in a rate now and she has all our paperwork done. I want to get rid of PMI so I'm all in. But I decided to do some rate shopping anyway before we locked our rate. A couple lenders I spoke to on the phone (who sell their loans to other companies) told me that I can't refi to a conventional because conventional mortgages state that we have to have lived here in the house for a year unless we wanted to refi using the purchase price instead of the appraised value (which is 80k higher). Is that true? And if so, how is my original lender able to refi us now? Can they just ignore guidelines? Or is that not really a guideline?We bought a foreclosure and FHA required and appraisal on the house when we bought it and it appraised for 82K higher than we purchased. Yes, it was a steal. And yes, I am trying to get rid of PMI, and rates right now are a 4.25 with no origination and no points. So it would absoultely be worth my while to shave off $200 per month. Thanks!