Personal home refi less than six month owning

[Matthew T.]

Looking for some insights.

I just bought a house finally for myself from a foreclosure and used hard money to purchase the property; they recorded it as a mortgage.  So I am renovating the house with my own funds and thought I was going to be able to refinance it but I am being told because I have a mortgage on the property I have to wait six months.  So my question is if I pay off the mortgage could I then refinance immediately?  If not anyone have any other suggestions to not have to wait the six months?  Do I need to just keep talking to banks to find one that will?

Any help would be appreciated.  Thanks

[Harjeet Bhatti]

You can't cash out  but can do refinance  as rate and term. You can add closing cost and prepaid but not cash out.