You have to find a credit union that won't use Fannie Mae guidelines to close the loan. 

I talked cash flow specifically because cash flow enables quitting jobs, qualifying for Fannie Mae backed mortgages and such.  

The delayed financing exception is part of  Fannie Mae's Cash-Out Refinance program.  

I did some Googling and found a two-year-old BP thread about FHA alternatives that mentioned a Fannie Mae My Community program.

(This is done using Fannie Mae's "delayed financing" exception. 

@Matthew Burns You can use a FHA 203(k) loan or the Fannie Mae HomeStyle rehab loan.

Fannie Mae refinance guidelines state that refi funds can't be used to pay off a land contract.

Your best bet is an FHA 203K or a Fannie Mae Homestyle renovation loan.  

I guess what I was told from a CPA and banker is the transfer of deed would trigger the Due on Sale clause once that bank sells off the house to Fannie Mae or whatever other entity they choose.

Fannie Mae loans can only be taken so far.