Cash Out Refinance on Primary Home

[Joseph M.]

Data:

Purchase Date: 6/4/2018

Purchase Price: $494,500

Appraisal: $542,000 / ARV: Approx. $630,000 - 660,000

Loan Balance: $470,000

Rate: 4.75% on a 30 Year Fixed

Goal: I am looking to remove MI and take out some cash to pay off the short-term debts used to repair the property.

It is my understanding that I have to wait 6 months to be able to do a cash out refi based on the ARV. Do you know of any banks that will do that before the 6 month mark?

Also, I have read some conflicting data around cash out refinances. I read that after 4 mortgages, you can no longer do them. This will be my 6th active mortgage; 5 are for investment properties and this most recent one of for a primary residence. Note that all of the mortgages started out as mortgages on my primary residence. 

Thanks!