FHA loans and refinancing

[Sankeerth Goli]

Hello all! I'm new to the real estate field and have a question regarding FHA loans.

How does refinancing an FHA loan work since it deals with PMI? I understand at a high level how refinancing works (at least with traditional 15yr/30yr loans) but was wondering how that comes into play when you have to pay a PMI. I want to aim at a property that is about 150k so a 3.5% down payment of $5,250, if this provides any insight.

My thoughts are possibly refinancing within 3 years or whenever seems appropriate and there is enough cash in hand to consider refinancing.

Thanks in advance for the help!