Refinance with Cashout without Seasoning?

wannarefinance · Joined: 15 Apr 2011 Posts: 1

I bought a house for $20K which appraised for $250K. I could not get a loan on it to fix it up, so I just used my personal credit. I had good credit and was able to get a sizable line of credit with home depot, lowes and and 2 banks and basically ran up my credit cards paying for these repairs. Now I have owned the house for about 5 months and the construction is complete and want to refinance the repairs into the home. I would like to refinance the current loan (Loan is held by a private lender for 20K) about $100,000 (This would pay off all my loans, and allow me to pay off my other home at todays lower interest rates). All of this should still put me at about a 50% loan to value so you wouldn't think it would be too hard, but here are the problems I have run into

1- I have been told I need to own the house for a year to get cash GREATER than the sales price of the home.
2- My Credit score has gone down a bit because of the credit I have racked up. I have been paying all my bills on time, I just have run up a lot of unsecured debt in a short period of time. My score was in the mid 700s, now its in the high 600s. But again if you look at my credit history, its clear.

So if anyone knows anyone who might be able to help I would appreciate it!

P.S. I am in the military and stationed in California if it is relevant