PMI with FHA loan - question

Hi and sorry if I am posting this in the wrong forum but I could not find better forum to ask my question.

I closed the deal on my TH last september with FHA loan, I got the house on a short sale which helped me to get it under the regular value for the homes in the area (kingstowne-alexandria,VA). After I moved I did complete renovation inside the house and alot outside due to the very poor condition of the home from the previous owners. Now I am trying to get rid of the premium mortgage insurance since I believe I increased the value of the home and build up alot of equity and also i am monitoring how the houses in the neighborhood are selling and unit that are exactly like mine are selling with 100k over my purchase price even without the upgrades that I have. When I contacted the lender they are telling me that I have to keep paying the PMI for atleast five years or until I reach balance of the loan equal to 78% and I am now wondering what else I can do to avoid the insurance.
I am currently as I said with FHA loan with 2.75% adjustable rate locked for the first 5 years our of 30 year loan.

Please advise what should I do.

Thanks in advance


Refinance your original loan while interest rates are still fairly low and get a fixed rate loan, do not get a variable again as interest rates will be significantly higher in 4 years when your loan "Unlocks".

It sounds like you should as you say have a 20% plus equity position today so it makes sense to refinance into that fixed rate mortgage now.

Good luck,