Did new Fannie guidelines just ruin BRRR?

[Keith Jourdan]

The max the loan can be is 75% of the new appraised value. However, the first six months the max the new loan amount can be is no more than the purchase price, closing costs, of the current property at the time of the initial purchase. Prior to the verbiage use to include the word improvements. In a recent guideline change/update from Fannie they removed the word improvements as part of the initial investment and changed the verbiage. 

Basically now you can only get back what you bought the property for, improvements that increase the value will not count unless you wait 6 months from purchase.