New Mortgage Laws

[Shawn Thom]

My mortgage broker said that the new Jan 10 laws limit cash our refi. I haven't been able to find any details on that and I haven't seen any mention of that on here. Anybody know any details?

Details are current hard money (not quite full hard money terms) is $53k, should appraise around $95k plus. I was hoping to refi for about $65. Purchase date was 11/1.

he said if I wanted to wait more than 6 months I could cash out refi.