Fannie May delayed financing problems

[Darren Mesibov]

I recently (two months ago) purchased a SFH with partners using cash, with the intention of using Fannie May delayed financing to get 70% of the cash back out and buy another. Went through the approval process using one partner as a guarantor, got the appraisal, and waited two months for underwriting and our closing date. Initially, the loan officer told us only one partner needed to be on the loan. Now we're being told that we can't do it because each equity partner contributed cash directly to the escrow account, rather than transferring it first to the primary borrower and then into escrow. This doesn't sound right to me, but she tells us our options are to use a portfolio loan (4.25% ARM) or wait until we have owned the property for six months. The other option is to put all of us on the loan together, which we could do, but we would like to buy more properties and are concerned that might limit us from getting another loan without waiting another 6 months. Any advice from someone with experience with FM delayed financing loans, or with buying multiple properties within the same year would be appreciated.