[Panda Fan]

...refinance from FHA to Conventional within a year? Reason is i want to avoid 1.15% PMI. I can come up with 20%. Purchased in 2011.

[reverse mortgage guy]

You can get a partial refund, but not a full one. the insurance is weighted more heavily to the first few years because those years have the highest default rates and losses tied to them.if you refinance, you will have to make a request for the refund, it is not automatic. BTW- the monthly mortgage insurance from fha should go away if you pay the 20% down on your loan. once you drop below 78% loan to value you can petition for removal of the monthly MIP (MIP is for FHA insurance, PMI is for private mortgage insurance- typically FNMA and Freddie Mac or conventional loans). refinancing will cost you more than the refund will pay for, so I would not refinance just to get a refund. make sure you are getting strong interest rate savings as well so the closing costs of the refinance are justified.