Delayed Purchase Lenders

[Jonathan C.]

Hi Everyone,

I have a four family under contract that I will be closing in cash with later this week. My intent is to close cash then take 75% LTV out of the property via a conventional 30 year fixed using the Fannie Mae delayed financing exception soon after, avoiding the 6 month seasoning.

After sending the underwriting guidelines (https://selling-guide.fanniemae.com/Selling-Guide/Origination-thru-Closing/Subpart-B2-Eligibility/Chapter-B2-1-Mortgage-Eligibility/Section-B2-1-3-Loan-Purpose/1032996711/B2-1-3-03-Cash-Out-Refinance-Transactions-10-07-2020.htm), I’ve found some lenders that are willing to underwrite this with cash-out and refinancing loan pricing adjustments.

The one time I did this a few years ago, my lender was able to price the loan as a delayed _purchase_ where the loan pricing reflected a lower purchase interest rate. Unfortunately that lender is no longer offering the same pricing incentive.

Is anyone aware of a lender that will use these delayed financing exception guidelines for a conventional LTV cash-out with purchase pricing or is this something uncommon with the volume of loans that originators are dealing with?