Delayed Financing Exemption

[Chris Rich]

Hello BP community. A few weeks ago, I checked out one of the podcasts in which the guest talked about delayed financing exemption. From what I gathered, I believe it is paying cash for a property & then financing it right away as long as it fits a certain criteria. Does anyone have any experience with this? How does it work & what are some of the requirements? & does it only work if you are buying a property at an auction or can you just something from the MLS for cash & then finance it? Any advice would be appreciated

[Hugo Alves]

Chris,

I listened to the same podcast. Below is the link to the fanniemae website which breakdown the requirements. The process itself is simple as long as you use your own cash or a HELOC cash to purchase the property originally. Then when going through the finance application, you must meet the standard mortgage requirements. Hope this helps

https://www.fanniemae.com/content/guide/selling/b2/1.2/03.html