Refinance from Investment to Vacation Home loan?

[Steven Wachtel]

I bought my first STR in Destin, FL in Nov 2022. It's a non-warrantable condo, so I just accepted my horrific rate and I'm hanging on until I can hopefully refinance and see some real cash flow. At the time I bought it, I lived just a few miles away and I didn't want to play any games with trying to call it a "vacation home" in hopes of a lower rate. I know some people may try to game the system, but I have absolutely no interest in doing anything that even hints at mortgage fraud.

Now ~18 months later, it's been in service as an STR for about one year. I'm now stationed in Colorado, and I definitely wouldn't mind spending two weeks in Destin every year in the off-season. Is there anything that would prevent me from refinancing using a vacation home loan now? I definitely would have done that in the first place, had I lived a reasonable distance away when I first bought it. If it is possible, is there anything else I should consider before talking to lenders (namely, any tax implications). Thanks for any input!