question
i have one house
i bought cash in 2008 (borrow money).
i think i bought it at market price.

then i refinance it,
a few months after that (to pay back borrowed money)

when i approached the loan officer,
he said i can refinance 90% of the SPA price

ok.

my question is,
my friend bought a house, and he was told he can
refinance higher than his SPA price?

so i think if you just bought, and you want to refinance, you have to follow the SPA price.
but after a while, the bank would follow the market price.

is this true?
if true, how long is the cut off, before they follow the market price?

I believe that if you are buying subsale, you can request 90% of valuation price.

I think in your case, your SPA price = current market price.

In your friend's case , his SPA price < current market price.