delayed financing exception

[Allen L.]

Hi all, I am refi'ing a new remodelled acquisition with conventional mortgage and I just heard about the limitations of delayed financing exception. It seems like I can only take out as much as the purchase price. The property in question was purchased with cash for 62 and it was just appraised for 114. Obviously, I want to take out as much as possible, but seems like there's not much wiggle room.

One thing that may give it a tiny bit of wiggle room is this section, taken out from Fannie Mae website:

The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV, CLTV, and HCLTV ratios for the cash-out transaction based on the current appraised value).

So if I spend 10K or something to buy down points to like 2%... I can finance the points buy down on top of the 62K, as long as it's less than 114*0.75 it should be okay? Can someone who has knowledge in this explain whether my understanding is correct?