Should I refinance to buy 4-Plex with FHA?

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I'm looking for help and some ideas on purchasing my first property. I want to buy a 3-4plex to house hack. I would like to use and FHA loan to purchase this due to the low down payment requirements. The issue I have is that my current home (single family home) has an FHA loan and I would need to refinance in order to purchase another property with an FHA.

The current rates make this refinance difficult. Below are the numbers and few options I have gotten so far. I’m hoping you can help me think through some options to make this happen.

My credit score is in the 700-720 range and I have about 25K for a downpayment.

Current mortgage: FHA ARM 3.375 1271/month

Refi Option 1: 30 year conventional 5.25% 1306/month, 3500 closing costs

Refi Option 2: 30 year conventional 5.875% 1443/month, 1400 closing costs, 17K cash out

Refi Option 3: 30 year conventional 4.625% 1258/month, 7300 closing costs,

I’m hoping to get some advice and creative ideas on how to go about this.