Conventional Mtg 'Delayed Financing' Rule Success?

[David Beard]

I was curious if anyone has completed a conventional mortgage under the "delayed financing" rule that came out last year, and if so, with what bank or lender?

This rule allows you to do a cash out refinance inside 6 mths, using the appraised value (BUT.... the loan cannot be larger than your original purchase price plus all closing costs and prepaid/escrows). However, if the rehab wasn't huge in relation to the purchase price, this would appear to be very appealing.

http://themortgagereports.com/6336/delayed-financing-rule-cash-out