Cash Out Refinance Options on Rehab

[Tyler Burlison]

Hey everyone,

I'm sure this topic has been addressed several times but it seems I keep getting different answers when talking with different lenders vs. what I've read online. 

I am rehabbing a property and would like to consider cash-out refinancing after renting it. The lenders I speak with say that cannot be done until 12 mos of ownership and the refi would be based on the original purchase price. 

Is the new rule that you cannot cash-out refi until 12 mos, or does it vary by lender? If it varies by lender and I can find one that would do it after 6 mos for example, would their rates be exorbitant?