Delayed financing to leveral family members cash

[Cy Dale]

I am a new homebuyer looking to purchase in AZ.

I had a discussion about this with my lender but they didn't seem 100% confident in the answer they gave me.

My question was regarding using a family members cash to give me a more competitive offer.

I'd like to purchase the home in cash using the family members available cash and then immediately do a cash out refi to give the money back to them.

I understand a cash out refi requires a 6 month waiting period following the initial purchase. But there is a delayed financing guideline that would eliminate the 6 month waiting period.

My lender told me that my options were to A. have the family member provide the funds at closing as a gift and then wait 6 months for cash out refi or B. have the family member gift the funds to my account, season them, then do delayed financing.

Essentially he told me that delayed financing is only allowed when the borrower is the source of the cash used to purchase the property. I cant find this information on the actual Fannie Mae guideline. I only see a note that gift money cant be directly reimbursed using the proceeds from the loan. So in that case I would just need to have the funds reimbursed to me and then gifted back to the family member. But I don't see anything about the borrower needing to be the original source of the funds. https://selling-guide.fanniema...

I am trying to achieve this without having to wait 2 or more months for seasoning.

Can you help determine if my LO is correct or mistaken?