Just re-financed, am I stuck now for a year?

[Brandon Fuelling]

Hello BP peeps! I have a dilemma that I would love to hear your thoughts on..

We were planning on buying a new primary residence and then renting out our current residence, BUT just learned that we cannot do so due to the fact that we just re-financed our primary residence. I thought that since we've lived in this house for two years that would satisfy the requirement of having to live in your primary residence for 12 months but learned today that that starts over with a new loan (re-fi). I'm in the process of closing on a HELOC ($22,000) which we were going to use as a down payment on the next primary residence. We have about $60,000 in equity in our current residence. I'm wondering what our options are at this point, as I would really prefer not to wait 11 months to acquire an investment property. I would very much appreciate any input any of you may have. Thanks in advance!