Your scenario looks like something that I would be able to do.
I have included a small snap-shot of my guidelines concerning "seasoning";
REFINANCE OF LOANS WITH LESS THAN ONE YEAR SEASONING
The underwriter should analyze transactions involving the payoff of a first lien that has been seasoned for less than one year.
If the first lien being paid off was a purchase transaction, and the original purchase price, as stated on the application, is less than the new appraised value the file should contain documentation supporting the increase in value (e.g. appraisal indicates increasing values for the market, appraisal comparables support increasing values, documented home improvements, or a copy of the original appraisal showing the original appraised value higher than the original sales price).
If the increase in value is unsupported, the underwriter should use the lower of the original purchase price or the new appraised value to determine LTV/CLTV.
If the underwriter has knowledge that the first lien being paid off was a cash-out refinance transaction with an LTV greater than 80%, the new Loan will not be eligible for rate/term refinance parameters.
Please feel free to email me directly with any of your financing needs... firstname.lastname@example.org