FHA on a foreclosure should I refi into conventional?

[Landon Kemp]

I purchased my house just over a year ago as an investment knowing we would not be here long.  Since that time the values in my area have increased a substantial amount and because I got in at a very low price for the location I feel like I could save myself some money by refinancing into a conventional loan with the amount of equity I have now.  Is this a good idea if I don't plan to stay in the house long?

[Matt M.]

How long? 3-5-7 years? I went with a conventional 7-1 ARM refi for that reason, and it saved us over $400 a month(we also dropped MI). Have your lender look at your break even date with closing costs figured to get a better picture.