It can be done, but everything hinges on your occupancy story being genuine. A cash-out refinance closed as owner-occupied, immediately followed by using that same cash as a down payment on another home, is easy for an underwriter to see. Loan records are tracked, and your prior loan shows it was originated as owner-occupied. We have seen a borrower close a cash-out refinance and then a purchase roughly 40 days later, once a lender was comfortable treating both as owner-occupied. Finding an unexpected dream home while you were actually shopping for investment property is a very different fact pattern from refinancing your house and then "moving" two blocks away to something nicer. If the timeline and facts suggest you never really intended to occupy the refinanced home, that is occupancy misrepresentation, and no deal is worth that risk. There is no single hard waiting period written in the rules. What matters is that your stated intent to occupy was truthful when you signed. As a rough guide, waiting about six months lets you make a stronger case, and twelve months is safer still. If you're weighing this, tell us the real timeline up front so we can structure it honestly instead of backing into a problem later.