This is to distinguish from cash-out refinance for owner occupied properties. There are some lenders that will allow a cash-out refinance on primary residence only thus requiring the owner to have lived on the property for six months to a year. However, the market is fast disappearing because of the real estate market we are in today with many areas going down in value.

FHA owner-occupied there is no seasoning on a cash out single family - BUT, if owned less than 12 months they use the lesser of 85% of the appraised value or 85% of the sales price. Conventional owner-occupied is 6 months before you can use the appraised value for cash out? Most conventional lenders are moving the time to 12 months.

Remember to always ask the lender if they will take new value of property before you apply because many lenders will not take new value on no seasoning cash out refinance. Guide lines have changed so much over the last two years, most info you find on the web is incorrect.