Can you Refi Cash-Out or use HELOC to buy new Primary Residence?

[Sam Stabler]

For my primary residence, I want to either Refinance Cash-Out or obtain a HELOC and immediately use the entire proceeds along with the cash I have to purchase my next Primary Residence. However, I was told that I can't use either one of these proceeds (either from the HELOC or the cash-out refi) to purchase my next primary residence if I didn't wait at least 1 year because there is a clause which states you have to remain in the property for 1 year.

This sounds absurd. Is there any truth in this????