Limits for FNMA cash-out refinance?

[Kevin Trumbull]

I'm trying to understand the Fannie Mae (FNMA) cash out refinance limitations.  Is it that you can only do it 4 times, or you can only have a total of 4 FNMA loans before they won't do it?

So for example, let's say I have 4 FNMA loans (maybe a mix of purchase and refinance, although I don't think it matters), and I pay those off with a blanket loan, so I'm back to 0 FNMA loans.  Can I then do another FNMA cash out refinance?

And bonus question, if I use a HML to fund a project, how long do I have to wait under FNMA guidelines before I can utilize their cash out refinance program against the ARV?  I can never remember if it's 6 months or 12 months.