Cash out Refinance question

[Don M.]

Hey everyone, quick refinance question:

A couple months ago, I refinanced on my primary residence for a better rate and down to a 15 year mortgage (no cash out).  However, since that time I've caught the "real estate bug," and would like to do a cash-out refinance (I have fairly significant equity) to get the ball rolling.  I know this is not particularly cost-effective upfront, but hindsight is 20/20.

I've heard of the "6 month rule," when it comes to cash-out refinancing.  Is this an actual law or freddie mac guideline, or just a rule of thumb some lenders go by?

I am speaking with the loan officer I used for my current loan, and he said the following:

"With a conventional loan going from a rate and term refinance to a cash out, you can refinance whenever you'd like with no seasoning requirements. Some lenders will not do the refinance because ultimately they would lose money from the original loan with investors if 6 payments were not made. Being that there is no prepayment penalty you can technically turn around the next day after closing if you want to and do a cash out refinance."

However, he also said they do not want to lose my business so they could likely do it.  
I just wanted to check with the forum if this is truly possible so I don't go through credit checks/inquiries just to find out it is not possible.

Thanks in advance,
Don