New FHA loan - appraisal came back higher than expected - when can I refi to drop PMI

[dragula]

Good morning all,

  Fully approved FHA loan set to close in one week. 30yr fixed with only 3.5% down so I get to pay PMI.

  Paying $269,000 for the house. However, the appraisal just came back at $365,000. This makes my LTV around 73% (after my down payment) on the day that I close. 

  I think I am pretty much locked into the current loan with the PMI. But if I chose to re-fi in the near future to drop the PMI, will they use this current appraisal or I assume the new lender would order their own appraisal?

  I guess I'm just looking for advice on the fastest way to eliminate the PMI asap.

  Thanks for any help!

[me12345]

Congratulations on the great deal and instant equity!

To remove the MIP you would have to refinance into a Conventional loan, and that would require a new appraisal, and being able to qualify for Conventional with different guidelines....Check with your lender, Im sure that they would love to help you as soon as you can refi.

Thanks,

[JVille]

Wow! Great deal.... remember the appraisal is just the opinion of One Person. So maybe the built in equity is real or maybe the appraiser is Out To Lunch.
Curious if the house was a FSBO (For Sale By Owner) and had no Realtors involved. So often in my career I have seen a FSBO seller giving the store away in an effort to save the RE Commission or priced the home so high it would never appraise. So call me curious

[dragula]

Thank you for the replies.

The home was listed with a realtor. I'm not sure why the appraisal was so high. There were three comps in the appraisal and two of them were comps that I personally visited while they were still on the market. They were very good comps to use. The sf price for them was around $105psf. This home is $78psf. The inspection came back almost perfect. So I don't know why it was so high but I'm certainly not going to complain. :-) 

Guess I'll just give it a little time and maybe reach out to my lender down the road to see about refi to drop the PMI/MIP. 

Thanks!