FHA Loan Refinance Timeline?

[Louis L.]

Lets say your putting 3.5% down for a triplex, paying the MIP and mortgage on time, planning some rehab and expecting a little appreciation (in NYC area). Lets assume all goes according to plan.

At any point in time (somewhere between year 2 and maybe year 5), is it possible to cash out and bring the total LTV all the way back to 96.5%?

I'm weighing FHA vs seller financing and haven't finished the models yet, but i'm wondering if this strategy is possible, because i'd obviously love a second acquisition (FHA or not).

Thanks All!

-Louis