REFI out of FHA 203K to Conventional Non-Occupying Co-Borrower

[Heather Sikora]

I purchased my home in January 2016 with an FHA 203K at 4.5% with a Non-Occupying Co-Borrower. I want to refinance to a conventional loan still using an Non-Occupying Co-Borrower to get rid of PMI. My question would be, is it worth it? I purchased the home for $147,000 and it was appraised at $185,000. I pay $101 in PMI. How does the whole process of refinance work? Do I have to have 20% down or have 20% equity in the home? Do closing cost roll into the back of the loan? I'm so new to this I'm not sure how it all works.