A Delayed Financing Exception is a kind of cash-out refinance allowed by Fannie Mae, so that you don’t have to wait 6 months after the purchase to refinance your Boston house or condo. You buy a house and pull the cash out within the first 6months of the purchase. There are conditions. 1. It has to be an arms length transaction (e.g. you can’t be related to the seller). 2. You also have to show a HUD-1 from the closing, showing there was no financing involved – it was bought with cash. 3. You also have to show that it was not a gift (e.g. a bank statement proving it was your funds that made the purchase). 4. Finally, when you pull out all of that cash, the cash can’t be greater than your initial investment.The Fannie Mae Delayed Financing Exeptions allows you to immediately refinance your Boston Home within the first 6 months of the purchase – no more waiting.