I actually a few months ago did a cash out refinance on a property I had purchased for cash. I was told that I could not even apply for the cash out until 6 months after the original purchase had closed. I thought that it was indicated to me that this was a Fannie requirement, but it might have been a Texas Home Equity Loan requirement. In Texas, I had to meet Texas Home Equity Loan requirements. Under those requirements I could have only borrowed up to 80% of the value of the home, although in my case I was borrowing well under that so it wasn't an issue.The loan closed about 9 months after the original purchase and the value of the home was appraised at higher than I paid for it. (My recollection was that for that to occur the loan had to close more than 6 months after the original purchase - it didn't really matter though since I still had so much equity in the property).(I was aware of the fact that not all interest I pay will be deductible but since my deductions will not typically exceed the standard deduction, that didn't really matter.)
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