Delayed Financing / Cash Out Refinance

[Patrick A.]

Hey BP World,

NEW TO THIS REAL ESTATE WORLD....BUT we are looking to buy a house and may not be able to get pre-qualified for mortgage due to work history with current Non-Profit (Self-Employment) not being established for over 2 years.  We are looking to buy in the Kansas City, MO area and would like to purchase before mortgage interest rates or housing prices go up over the course of this next year. We will have the cash to buy a house in our price range $160k (max) but we would like to be able get the majority of that back to invest elsewhere and I was told that it's possible through "Delayed Financing". I was hoping to get help on how that process works and what the interest rates may be with doing that? Any pro's or cons on this or general advice in regards to this line of thought for purchasing a home?

Thanks!