The answer is yes, it's called delayed financing and you don't need to wait 6 months. In fact, you need to do it prior to the end of 6 months. below is the text directly from fannie mae guidelines, "Borrowers who purchased the subject property within the past six months (measured from the
date on which the property was purchased to the application date of the new mortgage loan) are
eligible for a cash-out refinance....The new loan amount can be no more than the actual documented amount of the
borrower's initial investment in purchasing the property plus the financing of closing
costs, prepaid fees, and points on the new mortgage loan (subject to the maximum
LTV/CLTV/HCLTV ratios for the transaction)."
I honestly don't know where some people are coming up with the idea that you must wait 6 mnths to do it. Oh, and since it would be done on the delayed financing program you would not have higher rates because it's not considered cash out.