Delayed financing qualification question

[Stephanie Baker]

I have a financed primary residence, a financed rental, and another property that I purchased with cash and am rehabbing to rent out.  I have a tenant ready to move into the new rental as soon as it is complete.  I had hoped to use delayed financing to get cash out on this property for future investments.  After speaking to a couple of lenders it seems that we are unable to qualify for delayed financing.  According to the lender, in order to use rental income to help us qualify we have to have rental income declared on our last two tax returns and we only have it on last years.  Because we have not been landlords for two years, neither our current rental income nor the rental income from the new property will be considered in our eligibility for the delayed finance and both our primary and first rental mortgages will be counted against us, leaving us with only our personal income to cover the cost of all three mortgages.   If that is the case we do not qualify.  According to the lender these are Fannie Mae requirements and there is no way around it.  She said our only options would be a hard money loan or possibly a commercial loan. 

Does anyone have personal experience with this?  When I first started researching delayed investing on this site I didn't see any mention of these requirements and the process seemed much more simple than it is turning out to be.  Any insight into actual qualifications needed, and/or personal experiences with delayed financing would be greatly appreciated.