It’s our understanding that once you’ve closed on your FHA loan – even if it qualifies for USDA, you can not then refinance into a USDA loan. This is the information available from the USDA Home Loan Website regarding this.
Most loans have a seasoning policy. This means that once you get a mortgage, you must wait a period of time before paying off the loan. Other loans allow an immediate payoff but can charge a penalty fee. Check for the verbiage in your FHA loan documents to see.
Before rushing to refinance, however, make sure that you count the costs. You will have additional closing costs on the new loan to factor in as well as any interest rate write-offs. But considering that it could save you $380 a month – I bet you really do not care. Good luck!