REFINANCING RESTRICTIONS - 80% of cost / value

[David Bull]

in TX - is there a time period you have to wait to refinance? I bought my first property with cash. first 2 banks said they would only refinance with a loan of 80% of the COST of the purchase price plus rehab. I thought it would be 80% of the ARV? 3rd bank said I have to wait 6 months to refinance and pull equity out of the property. I want to get this right, but getting mixed messages. help the new comer.