1 year sounds about right to be able to refi under a different loan product other than FHA in order to drop the PMI. It will depend on how the loan was set up originally when you closed on the home with the current Lender. They typically want the loan to season at least 1 year before change. Talk to a few other Mortgage Brokers or Bank Loan Officers to get their take on it. You will definitly need 80% or more equity in the property.