House Hacking and Cash out Refinancing

[Samuel Nigbur]

My wife and I are looking to get a 2-4 unit property in south east wisconsin and house hack. I have been looking into FHA loans so we can put down as little as possible however i have a couple questions.

For these loans, i have read that you usually cannot do a cash out refinance unless you currently have 20% equity. Is that true?

How long do banks, credit unions, etc. usually require you to live in the home before refinancing?