FHA 203k cash out refi

[Brandon Smith]

So, I'm planning on purchasing a townhome foreclosure with a 203k depending on appraisal guesstimate 6k in rehab for a total of 46k that will appraise at 78k (like its surrounding units). Will I be able to cash out refi for 58 ish (75%) pocket the 10k and drop the PMI since Im at 75% LTV? 40k purchase price on contract Guestinnating 6k rehab 78k is what it was appraised for the year prior and is also what the matching units appraise for. Is 75% the best you can do with a cash out refi? 6 months seasoning as I will live here for a while.