Can I Refinance FHA to Conventional Loan?

refinance

I bought a house for $200,000. It is a new build and got a huge money off from the builder. The house appraised for $250,000. Does that mean I have $50,000 justice. Would this then mean I could refinance my FHA to a conventional to remove my mortgage insurance since I have more than 20% justice. I have only been in my house for about a month.