That was my experience.
I agree with the previous posts that it is always best to consult your attorney and accountant on these matters. I work with a team of attorneys and lenders who can help you if you need them. One of the lenders that I deal with with is a "Direct Lender". They loan the money directly from their office so the approval process is quicker and they can write loans that some of the big banks can't. If they can't do it than I don't think anyone can! Let me know if you would like their help or the name of of a very good real estate attorney that specializes in such things.
Happy New Year,
Keller Williams Realty Group Scarsdale
Rey Hollingsworth Falu
Licensed Associate Real Estate Broker
Houlihan Lawrence - Bronxville