Cash-Out Refi on Primary Residence .....

[Michael Dunn]

I have been Reading a lot of posts and threads on here regarding .... Cash-Out Refi.

I  just purchased a Property , and am wondering if I will have a good chance to Do a Cash-Out Refi. RIGHT NOW ?  :)

I have heard that for a Cash-Out Refi. ( Unless using a Portfolio Loan ), that you have to wait for a " Seasoning " period to pass of ..... 6 - 12 Months ( Lender dependent )

Since I have just purchased this property as my Primary, I am wondering that by having $40,000 in Equity ( based off my The Appraised Value , minus my  All In costs )

My All in = $68,000

The Appraised Value came in at $108,000

So a total of $40,000 in Equity

80% LTV x $108,000 = $86,000

$86,000 - $68,00 ( My All in costs ) = $18,000  (  rounded off  )

At an 80% LTV , that would Still leave the Lender " Covered " at an LTV of 80% =( $22,000 )

Given the Above numbers, Do I even have a Prayer in having my Lender lending me the $18,000 of Equity ..... And overriding a Season Period, given that the house was just purchased ?

Thanks for any and all insight and advice