Posted by Paul Macdonald on November 14, 1998 at 19:06:10:
Amost the only time you can get cash out (under almost all types of loans - conforming, just missed and downright flexible) is to refi. - and almost always after the one year window where the underwriters use the purchase price or appraised value which ever is lower rule. Some lenders -starting to fall within the hated hard money lender catagory - will let you cash out sooner at appraised value but not on the programs I quoted.
If you remove the cash out aspect purchase not a problem. If you’ve owned the property for one year or longer no problem on the cashout refi.