Remove Cosigner / Coborrower after 18 months and Requalify

Thanks in advance for your replies.

Here is my situation:

I'm 21 years old and own my own business. I started the business in January of 2009 so according to loan regulations, I cannot qualify for a mortgage on my own due to only having just over a year of self employment history. The house I am (or should I say hope I can) purchase is $139,900. The seller has accepted our offer and our closing date is fast approaching. I know I make enough money to afford the house on my own, not to mention my girlfriend (who is not on the loan) will be living with me and helping out a little bit.

Enter my Dad as cosigner. We have been working with a mortgage broker, but a few questions have yet to be answered. What we really need to know is this:

In 12, 18, or 24 months, will he be able to remove his name from the loan and title WITHOUT me having to COMPLETELY refinance? I want to avoid the cost of appraisal and all the closing costs since it will be at most around 18 months away, but also want him to be able to remove himself from the loan so he is not in debt to the property and can pursue another rental property or anything else that might come into his life.

I have read a zillion different responses on the web to this question, but none of them really seem to answer it in detail. The most favorable answer I have seen is that, granted the lender is willing, he would be able to remove his name from the loan and title for roughly $500 assuming my income is substantial, which it is already right now (but they can't count me) and will be at that time.

The other option, obviously, is to refinance. This is something I do NOT want to do because I've been told it could cost upwards of $4000, not to mention right now we are getting a 5.0% interest rate on our FHA loan which probably won't be around too much longer.

The broker has submitted the loan application through Wells Fargo, if that makes any difference.

Here is another question: My business is actually a corporation now and although I'm the only employee, I am paid a salary. Would it be off base to go to a lender and say I have recently became employed at ACME, Inc. and show my pay stubs to avoid saying that I'm actually self employed. I have heard that lender are sometimes more likely to lend to people who just recently finished college and have started a new job.