Re: FHA Mortgage
FHA is for buying a house. I don't think you can re-fi from conventional to FHA.
Also, when buying a house, the PMI (Private Mortgage Insurance) is what insures conventional loans. FHA loans are insured with what's called MIP (Mortgage Insurance Premium). With less than 20% equity, it's gotta get paid to somebody.
Make sure that the lender you're using is reputable - some will re-fi you, just to make their money even if there is little or no benefit to you.
Hope this helps
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