Refinancing FHA 203kBackground: I'm military and getting stationed in a different state in a month from now. I've owned my current home for 18 months, looking to rent it out, once I move, for 2-3 years and sell once the home values are (hopefully) on the up tick. Also, this is my first home.Is refinancing worth it for me? If so, should I go FHA or conventional?Facts: Original loan value: $165,348 (203k at 5.25 % interest rate)Current balance: $159,691Appraised value 18 months ago: $194,000Monthly payment: 1606.05 (Principal: $313.04, Interest: $700.02, Escrow: $692.99 (of which $149.02 is PMI))I may be able to pay down about 5 grand to help my chances at getting to 80% LTV. Is that what I'm aiming for to get rid of PMI or is it 78%? It would obviously help if the house would appraise for a bit more this time around, I'm going to ask a local agent if they feel it would be worth it to get an updated appraisal (based on current market).If it is worth refinancing, I understand that I'll need to come up with my escrow balance to put down on the refinance but are there any additional fees I need to be concerned with?Thanks for helping me out as I'm relatively clueless :)September 23 2012 - East Side00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.