"Delayed" Financing in Iowa? (Not Cash out Refi)

[Mitch H.]

Delayed financing allows a buyer the competitive advantage of an all cash offer, while then almost immediately refinancing into a conventional mortgage to return their cash.  Typically lenders call his a "cash out refi" in which borrowers have to wait 6 months.  Under the delayed financing rule a borrower can obtain the new loan before the 6 month waiting period.  And its not really a "re" finance either, since the delayed financing is the only/first financing.  

Does anyone have experience doing this in Iowa?  I would be curious to speak with a lender who has experience with this.