It's been four months since closing, so I have two months to go before the property is seasoned and am exploring the Fannie Mae Delayed Financing option. 

I am a direct Seller Servicer with Fannie, Freddie, Ginnie Mae which covers all the Conventional/Government lending out there.

If you buy and actually move in to the property (house-hacking), HUD properties can be a great opportunity because there's a period of time that only owner-occupants can make offers, before investors.Fannie Mae has a similar program for their foreclosures (homepath.com) - where only owner-occupants can make offers during the first 15 days the property is on the market, so those can be a good opportunity as well.If you are purchasing as an investor, then HUD and Homepath properties are still good deals, if they don't get snapped up by owner-occupants first.Other options - save up and pay cash for auction properties, look into other cities, look for off-market properties, consider different investment strategies like vacation and executive rentals, etc.Happy Hunting!

Edit - Wells Fargo has a Fannie Mae 97% product, and it might not have PMI IRRC, however the program may be limited to first time home buyers. 

I have done a cash out refi about 1 month after purchasing a home using a Fannie Mae backed loan, nothing fancy about that.  

You have to know where the file is at with the bank.Is it in the foreclosure department,short sale department,customer service,collections,or loss mitigation.If the loan is owned by a small bank they tend to do workouts differently than the large ones.Options will depend on if it is Fannie Mae or Freddie Mac backed or it's a conventional loan.The process of lease optioning back to him is not allowed anymore and these are strategies investors use to use along with assignments and other things.The banks after short sales have grown in the last few years have systematized everything instead of flying by the seat of their pants on each file which is how we did them 3 to 5 years ago.It used to be a person in the loss mit department that would handle all the short sale files as the others didn't really know how to do them.As files grew the banks started up whole departments and hired file originators who were laid off from the loan origination side and moved to the loan default side.The banks have riders on all these types of strategies now where you would be committing fraud if you employed them.Once they enact a rule with addendums you have to find a new way to do deals and change strategies.If this person has recovered then their best best is to go after a loan modification especially if they want to hold onto the property.I am seeing permanent loan mods where the lender will put back payments into the loan.ExampleLoan is 140,000With back payments,penalties,interest,attorneys fees etc. now 150,000 is owed.Interest rate was 5% but now has adjusted to 8%They will adjust rate down to 2% for first 3 years,then 3% for 3 years, and so on and when they hit 5% keep that rate for the remainder of the new structures loan.The borrower might have to bring a few K to pay reinstatement fees and as not all back escrows and payments can be put into the new loan amount.The lender would rather do this than foreclose and take a big loss.The 3 month trial plans are easy to qualify for but the permanent restructures I mentioned are harder to get approved.If they deny the borrower for the first loan mod then they can ask for another.Many servicers can offer 2 to 3 different types of loan mod plans depending on the situation.Why would a servicer do this??

Time to get an accountant.Where can I find the Fannie Mae guidelines to get into the weeds of income eligibility, DTI, six month reserve requirements, etc?

Fannie Mae launched a new program called Homepath.

I'm thinking about purchasing a rental property from Fannie Mae using their HomePath Renovation Mortgage program.

HUD and Fannie Mae have requirements you must live in them right after purchasing(90 days are allowed to complete repairs ).