So you are saying that you have enough equity [ 20% or more ] - but don't have enough time [ still have to pay PMI for 11 years under this purchase/ finance contract ] ?
I had a loan yrs ago where i asked the bank to remove the PMI. I had to get an current appraisal to submit to them to show the House value went up, and compared to the owed balance, showed less than 80% of the value still being owed. Granted this was not a FHA mortgage.
I find it surprising your contract specifies locking in the PMI payments for 12+ years. My understanding is that FHA backed loans are semi-subsidized by the Fed gov't with lower interest rates and lower down payment requirements in order to help the secondary [ already lived-in ] market move houses and bolster communities. Maybe this is how they shore up the various programs against default ?
Anyhow, Reuters news site has an article today on the pace of home sales and mortgages, and they stated the conventional loan average rate was at 5.3% this week.