Fannie Mae Underwriting Requirements - Am I interpreting this accurately?

[Dustin DuFault]

Team BP,

I'm working on getting a foreclosure I purchased almost a year ago financed (hopefully!).

I've received lots of great leads already on BP, but I'm getting a little bit lost between what I'm being told with mortgage brokers vs. my own interpretation of the underwriting requirements I've located for Fannie Mae. If you don't mind take a look at this (page 188)...

https://www.fanniemae.com/content/guide/sel040913.pdf#page=188

So: When I purchased the foreclosure for cash a year ago I was told by my longstanding mortgage broker that I must wait a year to be able to do a cash out refi at full appraisal value. It's been rented and cash flowing quite nicely in the interim so that's been fine. Now I've been working the financing angle for the past month or so in prep for the 1 year anniversary at the end of November. My usual guy @PrimeLending and another from Sebonic are under the impression they can loan at 75% LTV based on appraisal after the 1 year anniversary, conventional cash out refi. I have a guy from QuickenLoans who is pressing to get my $500 application fee (!) and claims he's confident they can do the mortgage now, prior to the 1 year date. Obviously I'm going to do some due diligence before handing over $500 to a salesperson in an application fee (not that inclined to do it, anyway). At any rate, however, based on my interpretation of the Fannie Mae Underwriting Requirement above, it looks like since this would be my 5th mortgage for an investment property, and I'm not refinancing an existing mortgage, that I'll be locked out. It also looks like I could have done a delayed financing option within 6 months of the purchase... but now I'm locked out.... do I have that right?

I like the property and I'm a little disheartened that on the face of it I may need to end up flipping it in order to access loans 5-10 since I have the majority of my capital tied up in it currently. I've never sold a piece of real estate and never really intended too - to be honest I wouldn't have the foggiest idea where to start in that endeavor - I've always done my own research and kept realtors at arms length lest they cloud my judgement! :-/ (no offense intended, of course, but I like to think independently on deals)

Okie-dokie - weigh in. Am I in the midst of learning a lesson here?