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Based on all of the information provided I have to assume you have a multi-family dwelling being that single-family FHA loans are capped at $729,750 and yours is over $800k. With that said, given your equity position, I think you'd be wasting your time (and an appraisal) trying to refinance. There are certain guidelines pertaining to Loan-to-Value (LTV) which must comply and, unless your home is worth more than you believe, I think you'll run into an appraisal issue with the value; my main concern. This would give you two options: bring a ton of funds to closing or withdraw your loan. Just my two cents. If there's anyway I can be of additional assistance please don't hesitate contacting me directly; my information can be found within my profile.Kindest regards,Paul F. MarzollaSr. Mortgage Advisor
If your home will appraise for enough you should have some options to leave the FHA loan and acquire a conventional option with lower overall payments but you will need pay close attention to the costs involved vs. your monthly savings. Considering your plan to leave in 4 to 5 years you need to be certain the costs are minimal enough to be recouped within the first year or two otherwise your actual savings will be much lower than you think. I would also encourage you to explore the 5 year ARM route. Definitely talk with a lender who is local to you. Good luck!
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