Can you refinance a homepath mortgage?

[Patrick Howell]

Has anyone ever done this? This would be my goal.... Purchase a homepath eligible property as an OO that I think is undervalued through Fannie's Homepath mortgage program (3% down payment).

Then, hopefully, refinance the property with cash out; leveraging any confirmed equity that is available to pay off a couple of student loans that I still have.

I understand that there is a great deal of further discussion pertaining to the analysis of the deal, but, just wondering if anyone has ever done this? I notice most homepath properties have a 3 month deed restriction....